Millennium Trust Enhances Real Estate Alternative Investment Solutions With Acquisition of Accruit
OAK BROOK, Ill., April 19, 2023 (Newswire.com) - Millennium Trust Company, LLC, a leading provider of health, wealth, retirement and benefit solutions, today completed the acquisition of Accruit Holdings LLC (Accruit), a leading, independent Qualified Intermediary and technology service provider of real estate 1031 exchanges. The acquisition will broaden Millennium Trust's diverse solutions by giving institutional and individual clients access to world-class facilitators of all types of 1031 exchanges, one of the most popular, efficient tax deferral strategies when selling and buying real estate property used for business or investment.
For more than 20 years, Millennium Trust has provided access to and custody solutions for alternative asset investments, including real estate. Utilizing Accruit's patented technology and user-friendly online software solution, Exchange Manager ProSM, clients can now take advantage of the tax benefits of leveraging 1031 exchanges and increase cash flow by deferring taxes on gains realized through the sale of qualifying real estate.
"More people are turning to alternative investments like real estate to grow their retirement savings and income, so 1031 exchanges are a valuable tool when managing wealth. We help people leverage their assets to invest in alternatives like real estate, and we're excited about this step forward, pairing the highest level of administrative expertise and exceptional service with Accruit's revolutionary 1031 exchange software technology," Millennium Trust CEO Dan Laszlo said.
"Clients who want to invest in real estate may be able to take advantage of additional tax savings, utilizing boutique-style service across a large volume of exchanges, which sets Accruit apart from other qualified intermediaries. Our company values and path forward are aligned, and we are thrilled to begin working with Accruit's talented industry experts to immediately bring additional value to Millennium Trust's alternative asset clients," said Erik Beck, Chief Commercial Officer of Millennium Trust.
Accruit, which is headquartered in Denver, has successfully revolutionized the 1031 exchange industry over the last 23 years by operationalizing the exchange of real estate assets through technology and its unique, client-focused service.
"It's an incredibly exciting time to join Millennium Trust. Our unparalleled 1031 exchange solutions and innovative online platform fit perfectly with its core markets around retirement and wealth solutions," said Brent Abrahm, President and CEO of Accruit. "Our industry experts look forward to immediately adding value to Millennium Trust's clients by providing another solution to help maximize their financial well-being."
This acquisition is a part of Millennium Trust's efforts to expand its health, wealth, retirement and benefit solutions. In 2022, Millennium Trust acquired PayFlex, a provider of health savings accounts (HSAs) and other consumer-directed benefits, to broaden its services and solutions for employers, institutions, and individuals.
About Millennium Trust Company
Millennium Trust Company solves important business challenges through innovative financial wellness solutions that help people plan, save and invest. With clients holding more than $55 billion in assets under custody, we are committed to using our decades of expertise and strong partnership with the financial community to empower employers, advisors and institutions to help people achieve short-term and long-term financial security. Learn more at mtrustcompany.com.
About Accruit Holdings
Accruit Holdings boasts over 20 years in the 1031 exchange industry. Through our leading independent, national Qualified Intermediary, we provide 1031 exchange services across the U.S. and specialize in all types of exchanges from forward, reverse, build-to-suit/improvement, to specialty "non-safe harbor" reverse exchanges. We revolutionize the industry through our patented 1031 exchange workflow software by offering both SaaS and back-office solutions to the real estate marketplace. Learn more at www.accruitholdings.com.
Source: Millennium Trust Company
