Betterment uses Inspira Financial (formerly known as Millennium Trust Company) as our IRA administrator and custodian for our IRA accounts. When it comes to an IRA, there are two types of “custodians” playing complimentary roles in ensuring the proper administration and effective management of your account. An IRA is essentially a trust account - an account set aside for a beneficiary (you) for a later time - that receives tax-advantaged benefits in exchange for complying with contribution and ...