Millennium Trust Offers a Mobile-Optimized 401K Rollover

An Avoka Success Story


Expensive & Multiple Manual Paper Forms and Inefficient Offline Processing
Millennium Trust is the custodian of large numbers of automatic rollover IRAs (many retirement plans of large companies utilize this solution to move ex-employees of retirement plans into Individual Retirement Accounts to custodians like Millennium Trust). Automatic rollovers peak at calendar year end. Online competitiveness and efficiencies for servicing these clients was lagging as their transaction experience still relied on Paper Forms (print and fill, and then mail in, scan and email, or fax).

The data in the completed Paper Forms was often incorrect or incomplete and significant time was spent on manual processing, often requiring follow-up phone calls to re-confirm data. In addition, seasonal processing demands required the hiring of additional staff to manage the work load. The emphasis on Paper Forms and manual workflows combined with this seasonal influx were impacting Millennium Trust’s online competitiveness, service quality and bottom line.


High-Quality Data Validation & Automatic Processing
Avoka Transact Data Validation & Real-Time Data Delivery Technology with automatic error-checking and alerts now helps prevent incorrect data being submitted by clients. Easy to integrate with most types of back-end systems, Millennium Trust has now eliminated most of the manual re-keying of data and automatically updates their records with client-submitted data. Further integration with LexisNexis® provided additional identity checking and removed entire sequences of manual workflow processing.

A User-Friendly Multi-Channel SmartForms Solution
Using Avoka Transact for Financial Services, Millennium Trust now offers a Mobile-Optimized and Easy/Intuitive-to-Fill-In customer transaction experience. Clients can review forms and complete them online with a guided, intuitive experience. Sections of the form that are not relevant to them are now hidden, eliminating time and confusion during completion. Tool Tips and context-sensitive instructions help reduce questions and calls to Client Service. Millennium Trust can also list investment options and offer a clear path for clients to sign up for access to the self-directed investment platform.


75% Reduction in Rollover Transaction Processing
With Avoka Transact real-time data delivery technology and multi-channel transactions that are easy/intuitive-to-fill-in, Millennium Trust has dramatically improved the speed of processing rollovers and significantly improved data quality. The solution is scalable and seasonal peaks are no longer a problem. Now more customers find it easier and faster to complete their forms online and the data is routed automatically to Millennium Trust’s back-end systems, already validated.

With Avoka Transact for Financial Services Millennium Trust has established themselves as a game changer in the custodian market.

Customer Success

Avoka Transact allows organizations to leverage the growing demand from consumers for digital experiences and capitalize on the efficiency delivered by transacting online…Within days and without programming, organizations can transform reams of cumbersome paper forms into online forms—realizing quick results, reaching more customers, and improving their bottom line.


– Philip Copeland, CEO at Avoka

Additional Resources