Victory Capital Transfer to Charles Schwab

artg

I recently opened a Brokerage account with Charles Schwab. The first thing I've done is request a transfer of a mutual fund account from Victory Capital. I have the Victory Capital account in Quicken with years of transactions and cost basis of my funds. The transfer (from Victory Capital to Schwab) will take 7-10 days. In the interim I'd like to buy a couple of funds in my Schwab account. That part is easy. Here's where it gets tricky. I've purposely NOT set up a Schwab brokerage account yet in Quicken. I'd like to but I'm afraid of what will happen when the funds from Victory Capital eventually transfer to Schwab. I'm looking for a simple way to be able to bring over the Victory Capital mutual funds to the Schwab account (I want to set up today) without losing data in 7-10 days. Does anyone have a way to handle by the numbers so to speak?

Tom Young

@artg

I'd probably go 1., 4., 2., 3.

When you do the "Shares Transferred Between Accounts" action you can specify all securities.

The reason for 4. being second is that if you set up the new Account to not Automatically accept downloads, (that's "best practices" in my opinion), then the shares added transactions posted by Schwab will be down in the "Downloaded Transactions" area below the transaction list where they are readily visible and the share balances are easy to compare to what the Holdings screen shows.  Simply delete them there if everything balances.

The method suggested by @NotACPA generally does work too, in most situations.

Tom Young

The "Shares Transferred Between Accounts" action will do one Removed for each security in the old Account and then multiple Adds for each security in the new Account, one for each lot.  The transactions themselves will remain in the old Account, where they actually took place.

A download from Schwab won't reproduce all the Adds, there should be one Add for each security, which you then delete.  Unless you've got hundreds of different securities in the old Account deleting those adds won't be very difficult at all. 

Open the new Account in Quicken, do the transfer of securities, fund the new account at Schwab with cash, and start trading.

NotACPA

Do you have other investments in the Schwab account?  Or are the Victory Funds the only investment there?

IF they're the only investment ... the easiest thing to do is to disconnect the Victory account from download, delete the account number and customer ID, exit Q, restart Q and connect the account to Schwab.

The Exit and restart is because, sometimes, Q remembers things that you've changed.

By doing this, all that changes is the Financial Institution.

artg

@Tom Young : Let me please repeat back to you what I think I heard by the numbers.
1. Set up the Schwab account in Quicken.
2. Begin trading at my discretion in the Schwab account.
3. Update the Schwab account in Quicken as I do with my other accounts.
4. When I see that the account in Victory Capital has transferred to Schwab go into the old account in Quicken and MANUALLY use the "Shares Transferred Between Accounts" function
5. When I execute my update of the Schwab account simply delete the respective "Add" per security.

Please tell me I got it. If So, when I do the manual transfer of the shares between accounts should I do one security at a time? By the way, it's only seven mutual funds in the account.

@NotACPA : By the time the Victory Capital funds transfer to Schwab I will have other securities in the account. I want to purchase a couple of Schwab mutual funds. That's basically why I asked the question in the first place.

Tom Young

@artg

I'd probably go 1., 4., 2., 3.

When you do the "Shares Transferred Between Accounts" action you can specify all securities.

The reason for 4. being second is that if you set up the new Account to not Automatically accept downloads, (that's "best practices" in my opinion), then the shares added transactions posted by Schwab will be down in the "Downloaded Transactions" area below the transaction list where they are readily visible and the share balances are easy to compare to what the Holdings screen shows.  Simply delete them there if everything balances.

The method suggested by @NotACPA generally does work too, in most situations.