How do I re-classify an investment (e.g., Traditional IRA to Brokerage) after account creation?

brown.113

For one T Rowe Price fund: When I set up one investment account as a "traditional IRA", once the update completes, the classification is changed to "brokerage" and going to "edit settings" pulls up a panel in which I am unable to open the dropdown list to alter the classification back to "Traditional IRA." I'm using the latest Quicken for Mac and Big Sur OS on a 2018 MacBook Pro. NOTE: This did not happen when I tried this on a MacBook Pro (2012) running Catalina.

Fix attempted (failed): I also attempted to manually create and classify and account as an IRA, and when the process finished, the account was properly classified, however, when I established a connection to T Rowe Price and the download was complete, the category had been changed to "brokerage" and I could not alter it. (On the T Rowe Price website the fund is properly classified as a Rollover IRA.)

I'd appreciate thoughts. Thanks.

RickO

This appears to be something introduced in v6.0. In v5.x, I can change the account type for an account that's already online connected and that change sticks.

In 6.0, I cannot change the type unless I disconnect downloads. If I change the type and then reconnect downloads, the type changes back to what apparently the FI is transmitting to Quicken as the type.

Apparently T Rowe Price is transmitting the wrong account type. I'd start with contacting them to see if they can look into why the wrong account type is being transmitted even though it is properly classified on their website. If you don't have any luck with that, I'd contact Quicken Support next.

RickO

This appears to be something introduced in v6.0. In v5.x, I can change the account type for an account that's already online connected and that change sticks.

In 6.0, I cannot change the type unless I disconnect downloads. If I change the type and then reconnect downloads, the type changes back to what apparently the FI is transmitting to Quicken as the type.

Apparently T Rowe Price is transmitting the wrong account type. I'd start with contacting them to see if they can look into why the wrong account type is being transmitted even though it is properly classified on their website. If you don't have any luck with that, I'd contact Quicken Support next.

brown.113

Since this is what I have done on setting up the account multiple times, I was skeptical that trying again would work, but did so anyway. THE ONE THING I DID DIFFERENTLY this time was to quit Quicken, saving the file and reopening before I tried to download for the first time. Disconnect --> Edit settings --> Save configuration --> close Quicken & re-open --> update downloads worked.

RickO

Interesting. Sure sounds like something is broken.

Brad L Vandermoon

is someone at quicken working on this problem? 

brown.113

This question has been resolved. I submitted a note as a supplement to the first reply. Thanks for the follow-up.