What is the best way to change the financial institution for a 401(k)

My company changes the service provider for our 401(k) plan. I need to know the best way to make this change in Quicken. Should I just change the financial institution on the existing account, should I create a new account, or something different?


  • Jim_Harman
    Jim_Harman SuperUser ✭✭✭✭✭
    Are you downloading transactions for these accounts?

    Will the investment holdings be the same with the new provider, or will everything be sold then transferred in cash then other investments purchased?
    QWin Premier subscription
  • lizhill
    lizhill Member ✭✭
    Yes, I'm downloading transactions for both accounts.

    Everything was sold by previous provider, transferred, and new investments purchased by new provider.
  • NotACPA
    NotACPA SuperUser ✭✭✭✭✭
    So, sell all positions in the old account, transfer the cash to the new account and buy the presently held securities.
    OR, since it's all one account (from your perspective) you can simply sell all securities in the account, disconnect the account from download, exit Q and restart Q, then change the Provider info on the account and re-connect it for download.  They buy the new securities.

    Q user since February, 1990. DOS Version 4
    Now running Quicken Windows Subscription, Business & Personal
    Retired "Certified Information Systems Auditor" & Bank Audit VP

  • lizhill
    lizhill Member ✭✭
    Thanks for the help. For now, I created a second account and used the cash from the old account to purchase the new securities. I may decide to go with option 2 and delete the second account and change the financial institution and redownload. I will try that in a test file and see what works better. Thanks for the suggestions!