Inspira Financial: Platform Profile

Overview

Inspira Financial is a large directed custodian that can hold both traditional and alternative assets inside self-directed retirement accounts.

The current legal custodian is Inspira Financial Trust, LLC, formerly Millennium Trust Company, LLC, an Illinois trust company regulated by the Illinois Department of Financial and Professional Regulation.

The platform differs from technology-first SDIRA providers such as Alto and Rocket Dollar in one important way: Inspira itself is the trust company providing retirement and custody services.

Current supported alternative categories include:

• hedge funds;
• private equity;
• private debt;
• managed futures;
• real estate;
• marketplace loans;
• REITs and BDCs;
• other alternative investments accepted under its custody process.

It can also support traditional securities and funds in the same broader custody ecosystem.

May fit better for

• investors who want an established trust-company custodian;
• investors holding several different alternative asset types;
• users who want traditional and alternative assets under one custodian;
• investors with real estate, private equity, private debt or hedge funds;
• advisers and sponsors using a large institutional custody platform;
• investors who value a broad alternative-asset acceptance process.

May fit less well for

• small accounts sensitive to flat annual custody fees;
• investors seeking a no-fee conventional brokerage IRA;
• users who expect the custodian to perform investment due diligence;
• investors who want one annual fee regardless of number of holdings;
• users who need all alternative assets to be immediately liquid;
• investors who assume FDIC cash-sweep protection extends to alternative holdings.

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Inspira Financial Trust is the directed custodian

Current Inspira disclosures state:

• Custodian: Inspira Financial Trust, LLC
• Former name: Millennium Trust Company, LLC
• State: Illinois
• Role: directed custodian

Inspira states that it does not:

• provide investment advice;
• perform due diligence on prospective investments for the accountholder;
• recommend private sponsors or service providers;
• provide tax or legal advice.

The investor directs the investment.

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Current mainstream alternative-asset pricing is holding-count based

Current Inspira consumer materials and fee schedule state:

• Annual maintenance fee: $100
• Alternative asset holding fee:
• One holding: $350
• Two holdings: $450
• Three holdings: $550
• Four or more holdings: $650

The alternative holding schedule applies to specified categories including hedge funds, private equity, private debt, managed futures, real estate and marketplace loans invested through Inspira.

This is not an AUM fee.

An account with one $500,000 private fund can have the same listed holding-count fee as an account with one $50,000 private fund, before other applicable fees.

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Accounts below $20,000 have a special Starter Account schedule

The current fee PDF includes:

• Starter Account:
• Total market value threshold: below $20,000
• Flat annual fee: $250
• Additional alternative investment custody fees: $0 under starter schedule

This should remain separate from the standard $100 maintenance plus holding-count schedule.

The current document describes the $250 amount as a flat annual Starter Account fee with no additional alternative investment custody fees.

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REIT/BDC and futures/forex pricing uses separate schedules

Current fee references include:

• REIT BDC holding fee:
• One: $75
• Two: $150
• Three or more: $200
• Futures forex holding fee per account: $200
• FCM establishment fee: $50 per Futures Commission Merchant

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Inspira can also custody traditional investments

Current fee materials include traditional-asset pricing such as:

• Mutual fund online trade: $0
• Mutual fund phone order: $25
• Publicly traded security online: brokerage commission
• Publicly traded security phone: $25 + brokerage commission
• Bonds CDs phone order: $50

The current public-equity brokerage commission schedule begins with an $8 minimum for smaller share quantities and changes by share count.

The review should not describe Inspira as an alternatives-only trust company.

Its ability to combine traditional and alternative custody is part of the current value proposition.

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Processing fees can be material for active accounts

Current fee schedule references include:

• Form 990 t federal filing: $200
• Account termination: $100
• Outgoing asset transfer per holding: $150
• Domestic wire or overnight: $30
• International wire: $75
• Roth conversion or recharacterization: $50
• Administer third party brokerage account: $50
• Expedited special handling per hour: $75
• Late or returned payment: $30

These are not annual holding fees.

They should be displayed as event-driven service charges.

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The cash sweep is FDIC-insured; alternative assets are not

The current fee schedule states that uninvested cash is swept to one or more interest-bearing demand accounts at unaffiliated FDIC-insured banks.

Net interest is credited to the account monthly under the current program, and the crediting rate can change.

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The Alternative Investment Network is access infrastructure, not a recommendation list

Inspira's current Alternative Investment Network allows investors to search and access alternative investments through the platform.

The directed-custodian disclaimer remains controlling.

A listing in the network does not mean Inspira is recommending the investment or guaranteeing its quality.

The investor should evaluate the issuer, sponsor, valuation, fees, liquidity and legal structure independently.

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Inspira's scale includes acquired SDIRA businesses

Inspira expanded its SDIRA business through transactions involving Quest Trust Company and NuView Trust Company.

Current transition materials identify Inspira as successor custodian for affected accounts and state that the governing Inspira custodial agreement applies after the transition.

This history helps explain the size and breadth of the current SDIRA operation.

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Account types are broader than one Traditional IRA

Current Inspira materials support multiple IRA structures, including:

• Traditional IRA: Yes
• Roth IRA: Yes
• SEP IRA: Yes
• SIMPLE IRA: Yes

Account-specific contribution, eligibility and distribution rules still come from the applicable tax regime.

The term "self-directed" describes investment control, not a separate tax classification.

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Liquidity comes from the investment, not the custodian

Inspira can process transactions and custody many different assets.

It does not create a secondary market for a private fund, private note or direct real-estate interest merely by holding it.

A private fund may have its own redemption window.

A real-estate investment may require a sale.

A private note may mature according to its contract.

Custody and liquidity are separate functions.

Assessment

Inspira is a custody-heavy alternative to the newer SDIRA fintech model.

Its fee structure rewards understanding the asset count and asset type before opening the account. A one-holding alternative account, a starter account below $20,000, a REIT account and a futures account do not use the same fee schedule.

The strongest current advantage is breadth: traditional and alternative assets can coexist under one large directed custodian.

The trade-off is that a multi-holding alternative account can become expensive, particularly for smaller balances.

The review should also keep the cash-sweep protection narrow. FDIC insurance on qualifying sweep deposits does not protect the private assets held elsewhere in the account.