Spotlight: Inspira Financial (Formerly Millennium Trust Company) and Self-Directed IRA Custody

Between April 2023 and September 2024 the firm bought a 1031 exchange intermediary and took over two self-directed IRA books, and the president of one of those custodians now runs its alternatives custody business.

September 30, 2026

Inspira Financial is an Oak Brook, Illinois custodian that holds alternative assets for individual investors, advisors, investment sponsors, and fund managers, alongside a large health and benefits administration business. Until January 2024 it operated as Millennium Trust Company, established in 2000 around IRA custody and administration. The rebrand brought Millennium Trust and PayFlex, the HSA business it acquired from CVS Health in 2022, under one name. Custody and retirement services run through Inspira Financial Trust, LLC, and benefits administration runs through Inspira Financial Health, Inc. In its July 2026 press release, Inspira reported more than 8 million individual and institutional clients and over $62 billion in assets under custody across all business lines.

Matt Marek became chief executive on March 2, 2026. He had joined as president in September 2024, and he succeeded Dan Laszlo, who retired after joining in 2016 as CFO and overseeing more than 10 acquisitions.

Building the self-directed business

Three transactions between April 2023 and September 2024 reshaped the alternatives side of the firm. In April 2023 Millennium Trust acquired Accruit, a Denver-based qualified intermediary for 1031 exchanges that runs its own patented exchange-management software. In December 2023 it acquired NuView Trust Company, a South Dakota-chartered self-directed IRA custodian founded in 2003, adding about $2.2 billion of retirement assets and more than 12,000 accounts. In September 2024 Inspira was appointed successor custodian for Quest Trust Company's self-directed IRA business, roughly 20,000 accounts holding more than $3 billion.

Jason DeBono was NuView's president when that deal closed. He is now managing director and head of alternatives custody at Inspira. Former NuView and Quest accountholders still reach their accounts through a separate portal on Inspira's site.

In a February 2025 article, Inspira put the number of unique alternative assets it holds at nearly 46,000. Its custody platform covers private equity, venture capital, private debt, hedge funds, real estate, infrastructure, and natural resources. The firm says it will custody newly established and unusual assets that other self-directed IRA custodians may not take.

Working with sponsors

Every alternative asset starts with Inspira's pre-custody review, and the firm publishes a checklist of the documentation it requires. Sponsors pay no custodian fee. Inspira instead charges account fees to the IRA owners who hold the asset. The firm says it gives sponsors a dedicated phone line and provides SDIRA specialists to answer their investors' questions. For sponsors running their own investor platforms, it offers API integration.

Institutional fund custody

Separately from IRAs, Inspira acts as a qualified custodian for fund managers subject to the SEC Custody Rule. It offers three services: fund custody, safekeeping of the documents that evidence ownership of alternative assets, and verification. Firm materials from late 2024 say it services more than 1,500 private, '40 Act, and offshore funds. The same materials describe verification as a service for managers whose lenders require third-party confirmation of fund assets before extending a line of credit.

Custody inside advisor platforms

Inspira's 2026 announcements have focused on placing its custody inside the systems advisors already use. An April 2026 release described its role within TradePMR's Fusion platform, where advisors buy alternatives through iCapital's marketplace and Inspira custodies them, particularly in retirement accounts. On July 22, 2026, Inspira announced an integration with CAIS that gives advisors on that platform access to its custody and to qualified and non-qualified account administration for private market investments. The firm describes the CAIS integration as one of several platform integrations it added over the prior year.