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Best way of moving stocks to another broker account

r-e-l

I have a broker account that my work is using to deposit stocks from time to time.
I want to move all the stocks to another broker. The new broker will do the transfer but I worry that when I will download their transaction, I will see one big transaction that have the sum of all the stocks I had.
If that happens, I be losing all the history and all the calculation on rate of return, tax estimates and so on. I don't want to lose that data.

Bit of complication ... I am not closing the old broker account. I need it because my work still using it to deposit stocks. As such - just changing the account provider (online signup) will not work.

So my question is : What is the best way to actually move the transactions from one broker to another inside quicken?

Appreciate your advise.

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unknown

To keep cost basis information and other information about the stocks, you may want to try "transfer shares" between the two accounts after you have set up the new account. The old transactions will stay in the old account. You must transfer the stock "as securities" between the brokerages (not as cash with a sell and buy transaction), and in Quicken you use "transfer shares". New transactions will be recorded in the new account. Verify that the cost basis information for each stock/security is computed correctly in the new account.

NotACPA

IF, you're moving EVERYTHING our of the present/old account ... just deactivate that account from downloading, rename it to the new name, and reactivate it.

MUCH easier than "moving" anything.

mshiggins

Are the stocks ESPPs?

q_lurker

To keep cost basis information and other information about the stocks, you may want to try "transfer shares" between the two accounts after you have set up the new account. The old transactions will stay in the old account. You must transfer the stock "as securities" between the brokerages (not as cash with a sell and buy transaction), and in Quicken you use "transfer shares". New transactions will be recorded in the new account. Verify that the cost basis information for each stock/security is computed correctly in the new account.

Also, if you have short positions, those will not transfer via the Shares Transferred action. For short positions, you basically need to cover them in the original account and re-create them in the new account. Cash needs to transfer either as Cash or for retirement accounts as a MM equivalent shares. Attempting to transfer as cash for a retirement account can lead to questions about tax-year of a contribution.

r-e-l

Are the stocks ESPPs?

some of them are ESSP, some grants and some... I bought on my own, - Does it makes a difference?

r-e-l

IF, you're moving EVERYTHING our of the present/old account ... just deactivate that account from downloading, rename it to the new name, and reactivate it.

MUCH easier than "moving" anything.

hmmm... its not everything. cash will not move. More stocks in the future will be deposit to the "old broker" so I do need the account but maybe it is easier to dup the account, rename, change provider and create a new account for the old broker once its all moved ....

r-e-l

To keep cost basis information and other information about the stocks, you may want to try "transfer shares" between the two accounts after you have set up the new account. The old transactions will stay in the old account. You must transfer the stock "as securities" between the brokerages (not as cash with a sell and buy transaction), and in Quicken you use "transfer shares". New transactions will be recorded in the new account. Verify that the cost basis information for each stock/security is computed correctly in the new account.

Thanks. I just looked at the "transfer share" - unless I am looking at the wrong location .... this is done one transaction at the time and not bulk edit.... this will take hours to do considering the amount of transactions made over the years. Other ideas?

Sherlock

To keep cost basis information and other information about the stocks, you may want to try "transfer shares" between the two accounts after you have set up the new account. The old transactions will stay in the old account. You must transfer the stock "as securities" between the brokerages (not as cash with a sell and buy transaction), and in Quicken you use "transfer shares". New transactions will be recorded in the new account. Verify that the cost basis information for each stock/security is computed correctly in the new account.

You are looking at the wrong location.

unknown

To keep cost basis information and other information about the stocks, you may want to try "transfer shares" between the two accounts after you have set up the new account. The old transactions will stay in the old account. You must transfer the stock "as securities" between the brokerages (not as cash with a sell and buy transaction), and in Quicken you use "transfer shares". New transactions will be recorded in the new account. Verify that the cost basis information for each stock/security is computed correctly in the new account.

When you transfer either one security or all securities from a source account to a destination account, Quicken generates a pair of subtract (source) and add (destination) transactions for every lot of that security. That way it can track the cost basis of that security in the destination account. Unless you have lots of securities, I recommend transferring one security at the time (and make a backup file before you start transferring). The original buy and other transactions stay in the source account. Subsequent transactions go in the destination account. As a verification check, the total aggregate cost basis for that security before and after the transfer should be the same.

Sherlock

To keep cost basis information and other information about the stocks, you may want to try "transfer shares" between the two accounts after you have set up the new account. The old transactions will stay in the old account. You must transfer the stock "as securities" between the brokerages (not as cash with a sell and buy transaction), and in Quicken you use "transfer shares". New transactions will be recorded in the new account. Verify that the cost basis information for each stock/security is computed correctly in the new account.

MarcATL: Only one Removed transaction is generated for each security held in the original account. An Added transaction is generated in the destination account for each lot of the transferred securities. Subsequent transactions my be entered in either account. I have never had an issue using All Securities but it is always a good idea to save a data file backup before making any significant changes.

mshiggins

Are the stocks ESPPs?

Yes. ESPPs can't be transferred. Or at least you have to jump through some hoops to transfer them.

As I recall, you can transfer ESPPs if you choose to transfer all securities in the source account to the target account, but you can't transfer the ESPPs on their own.

r-e-l

IF, you're moving EVERYTHING our of the present/old account ... just deactivate that account from downloading, rename it to the new name, and reactivate it.

MUCH easier than "moving" anything.

ok, I didn't think for a moment I will need to move one stock at the time. I was referring to number of lots.
I assume "all securities" - "all stocks in this lot" - its not the entire account.

am thinking of that trick of duplicating the account (if possible).
The new account will be renamed to reflect "New borker" at will set its new online account.
the old broker will probably get new transaction reflecting "transfer out of account" - I assume I can simple accept it (without really moving anything out)

doable? will it break anything?

q_lurker

IF, you're moving EVERYTHING our of the present/old account ... just deactivate that account from downloading, rename it to the new name, and reactivate it.

MUCH easier than "moving" anything.

@r-e-l: Reference Sherlock's screengrab. Option one is to select one security allowing you to then choose (from the box) a number of shares chosen by specific lot or by FIFO, or you can choose all shares (thus all lots) of that security. Option two is to select All Securities which would naturally include all lots of all securities.

Duplicating the account (IMO) is a foolish exercise. When you go the Shares Transferred route, you get all the information you need in the new account - cost basis and acquisition dates per lot. The historical information - contributions to the account, dividends received, reinvestments, etc. are left where they belong in the correct historical setting - the old account.

If you somehow duplicate the account, you will have duplicate information on the same transactions which is unnecessary and quite possibly confusing to both you and Quicken. I am not aware of an easy method to perform such a duplication (at least not for the uninitiated). The duplicate account approach IMO greatly increases risk with no benefit.

r-e-l

IF, you're moving EVERYTHING our of the present/old account ... just deactivate that account from downloading, rename it to the new name, and reactivate it.

MUCH easier than "moving" anything.

thanks. I am going to test the transfer method - seems this is what it was designed to do.
I didn't realize it works across all lots. I only have 7 different securities so this should be, in theory easy.