Ameriprise Direct Connect Not Working Correctly

mcphersonkent

I have a Direct Connect account set up for my Ameriprise retirement account. I correctly downloads 4 of 5 funds. In the 5th fund, I used to have $ in a fund with symbol DEUIX. That fund was merged into a fund with a symbol of JSPIX. But Quicken shows both in the download so those funds are essentially double counted. I tried resetting the connection but that did not fix it. Ideas?

Frankx

Hi again @mcphersonkent,

So, full disclosure... I am a Quicken Windows user and there are obviously differences between the applications.

However, the actual transaction - in the real world - is the same.  Namely, x number of shares of "Delaware" were exchanged for x number of shares of "Jackson Square".  The cost basis of your holdings in "Delaware" transfers over and becomes the cost basis of your "Jackson Square" shares.  Immediately after the transaction, the market value of the holdings in "Jackson Square" was the same as the market value of "Delaware" shares.

In Quicken Win - the type of transaction that I'd use for this event is a "Mutual Fund Conversion" and here's what the input screen looks like in Q Win:


I don't know if there is a comparable transaction type in Q Mac.  

But if there is, I would suggest that you use that, and enter the transaction manually - rather than downloading it from the financial institution.  With these types of transactions I always have more confidence that a manual transaction will handle these transactions better than downloads.

Let me know if you have any followups.

Frankx

Frankx

Hi @mcphersonkent,

I would assume that you've been having this problem since the "find was merged into" the Jackson Square Large Cap fund (new symbol JSPIX) - is that correct?

If so there is likely an issue with the transaction that was entered to record the merger - specifically you likely have twice the number of shares recorded in Quicken than you actually own.

I don't believe that the "connection" with Ameriprise is the cause of this issue per se, and suggest that you look closely at the merger transaction and adjust it so that the total number of shares of the new fund recorded in Quicken agrees with your current statement from Ameriprise.

Please get back to me if you have any followups.

Frankx

mcphersonkent

@Frankx thanks for the reply. On 4/19/21, my Ameriprise register shows what is in the first attachment. My Quicken register is in the 2nd attachment. Quicken does not seem to know how to handle the Exchange of shares from Delaware to shares of Jackson Square. I'm not sure what to do in my register to make it work either. And then the next time I download, will it get overwritten with the bad records from before? Ideas?

Frankx

Hi again @mcphersonkent,

So, full disclosure... I am a Quicken Windows user and there are obviously differences between the applications.

However, the actual transaction - in the real world - is the same.  Namely, x number of shares of "Delaware" were exchanged for x number of shares of "Jackson Square".  The cost basis of your holdings in "Delaware" transfers over and becomes the cost basis of your "Jackson Square" shares.  Immediately after the transaction, the market value of the holdings in "Jackson Square" was the same as the market value of "Delaware" shares.

In Quicken Win - the type of transaction that I'd use for this event is a "Mutual Fund Conversion" and here's what the input screen looks like in Q Win:


I don't know if there is a comparable transaction type in Q Mac.  

But if there is, I would suggest that you use that, and enter the transaction manually - rather than downloading it from the financial institution.  With these types of transactions I always have more confidence that a manual transaction will handle these transactions better than downloads.

Let me know if you have any followups.

Frankx

mcphersonkent

Well it turns out that the Jackson Square transaction did not have a cost basis on it. When I assigned one, everything lined up again. Thanks for you help.