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edward jones investment updates

Albert Rees

I have once again had to manually update my 4 Edwards Jones IRA accounts to get the correct balances. There are numerous problems I have been able to trace after having done this for the past 3 years.

- Quicken seems to use something other than stock/fund symbols for posting updates. I have balances in the wrong funds, transactions posted to the wrong funds, etc. There are even entries labeled "Unidentified Security" created however when I enter them manually, all securities are found.
- Quicken does not attempt to reconcile share or market value differences. This would certainly help identify where the problems are
- When deleting and re-establishing the accounts (which I have found to be the easiest and fastest way to correct the mess that built over the prior 12 months), the first two items on this list compound the problem.
- The "holdings" shows all holdings in all accounts rather than the holdings within the account you are working - again, making it hard to correct the problems.

I have two EJ stock accounts that seem to work fine however the IRA accounts are a complete disaster...

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Comments

mshiggins

Albert, what Quicken year version and operating system are you using?

Albert Rees

Windows 10 on the subscription service so it should always be the most current version, I think. Again, this has been a problem for a few years now and I’ve always maintained the latest versions of Quicken. Even deleting and re-adding the accounts does not work as Quicken limits the number of transactions it downloads and does not begin with a balance for everything that occurred up to then.

K.O. (Win-Premier)

Couple questions/comments.

1. "something other than stock/fund symbol for posting updates". When you say "posting updates" are you meaning downloading transactions from the broker? If so Quicken does it's matching (determining if the security exists in Quicken already when a transactions is downloaded from your broker) based on CUSIP. It sounds like that what EJ is sending you may not match w/ what is in Quicken. You would need to look at the OFX file log to determine what EJ is sending.

2. Quicken will reconcile share balances on each download if you select "compare to register" for the account. Quicken does not however reconcile the market value automatically. You would have to do that via the Reconcile function.

4. when you say "holdings" what are you specifically looking at? In the Portfolio screen (and in each register individually) Quicken only displays the positions based on each account.

Albert Rees

Couple questions/comments.

1. "something other than stock/fund symbol for posting updates". When you say "posting updates" are you meaning downloading transactions from the broker? If so Quicken does it's matching (determining if the security exists in Quicken already when a transactions is downloaded from your broker) based on CUSIP. It sounds like that what EJ is sending you may not match w/ what is in Quicken. You would need to look at the OFX file log to determine what EJ is sending.

2. Quicken will reconcile share balances on each download if you select "compare to register" for the account. Quicken does not however reconcile the market value automatically. You would have to do that via the Reconcile function.

4. when you say "holdings" what are you specifically looking at? In the Portfolio screen (and in each register individually) Quicken only displays the positions based on each account.

Thanks KO!

I will see if I can track down and evaluate the OFX log. I've never looked for it in the past. I guess my follow on question would be, "Then what?"

With regard to the reconciliation, completely agree that I can and should use the reconciliation tool however I do not understand why Quicken, when adding a new account, does not attempt to get the balance synchronized with the balance reported by EJ. It does do this with my bank accounts and shows the discrepancy. When I added the 'new' account, it was off by 5x.

For holdings, I completely agree with how you are saying it should work however when I drill into transactions for a holding within a portfolio, I see all transactions for the holding for all accounts. It makes it virtually impossible to track down errors within any one portfolio.

K.O. (Win-Premier)

Couple questions/comments.

1. "something other than stock/fund symbol for posting updates". When you say "posting updates" are you meaning downloading transactions from the broker? If so Quicken does it's matching (determining if the security exists in Quicken already when a transactions is downloaded from your broker) based on CUSIP. It sounds like that what EJ is sending you may not match w/ what is in Quicken. You would need to look at the OFX file log to determine what EJ is sending.

2. Quicken will reconcile share balances on each download if you select "compare to register" for the account. Quicken does not however reconcile the market value automatically. You would have to do that via the Reconcile function.

4. when you say "holdings" what are you specifically looking at? In the Portfolio screen (and in each register individually) Quicken only displays the positions based on each account.

Looking at the OFXLog will tell you what EJ is sending and thus you can then look at what is in Quicken and see if there is an actual bug in Quicken or if EJ is sending the wrong information. In my past experience there are a lot of brokers that don't send the most accurate information. If the bug is in what EJ is sending there is likely nothing you can do about it except understand it and adjust any transactions they send before accepting them. I have to do this with a couple of my accounts (TD Ameritrade and Schwab ... but for different problems).

Because the account value is based on spot prices of securities it's virtually impossible for Quicken to compare the value of an account or portfolio. Quicken can do this for bank accounts and credit card accounts because they aren't based on anything other than the transactions themselves. But as I mentioned if you select "compare to register" Quicken will compare the share quantity of each holding w/ what your broker has (or what they tell quicken they have).