Transferring holdings between brokers

CABDEL

I recently moved some securitiesfrom one broker to another. When I looked at the transfer in Quicken, I saw that the shares came over with no cost information and a transfer date of 1/1/1900. The Quicken supportrt folks were of no help in trying to resolve this issue.

Has anyone else run into this problem?

jacobs

I'd suggest removing whatever transactions downloaded online, and then making the transfer with a manual transaction. In the existing account, in the Transaction register, create a new transaction of the type=Transfer Shares. Here you can specify whether to transfer one security or all, and the destination account.

(Make a copy of your data file before doing this, so you can go back if you end up with some undesirable result.)

CABDEL

Thanks for getting back to me Jacob. Unfortunately Quicken will not let me erase/delete the downloaded information.

jacobs

I’m not sure how it prevents you from deleting a transaction. In the old account or the new account? What type of transaction?

If this is a new account, you could try deleting the account entirely (Control-click on it in the sidebar and select Delete from the pop-up menu). Then try deleting any  transactions in the old account which removed shares. Then create a new account; make it a manual account with a zero opening balance, not tied to your brokerage for downloading. Then Transfer Shares from the old account to the new one.

(Of course, make sure you have a backup copy of your file before you embark on this!)

CABDEL

Jacob: Thanks for trying to help with this problem. It is really strange. Neither account is new; i just transferred securities from one account to another (I also closed out the account from which things were transferred). I have done everything you have suggested, including setting up a new account and then pulling down information from the broker. I still get the transfer shares showing up with no cost attached and no ability to modify it. I am starting to think that the problem is with the brokerage system.

CABDEL

Jacob, once again thanks for your help. I finally was able to get the cost, albeit an average cost, of the transferred securities into Quicken.