Is it possible to import 401(k) transactional information from Milliman?

ajkessel
ajkessel Member ✭✭
edited August 2021 in Investing (Windows)
I have a Milliman 401(k), accessible at millimanbenefits.com. I attempted to create an account in Quicken but all I see is a static page with current holdings (which I entered manually) and no transactional data. When I select "Milliman" from the dialog for setting up online accounts in Quicken, I am not prompted to log into my Milliman account. I also don't see any place on the Milliman website to export a QFX file; the only thing I can do is download transactions as a CSV, which Quicken does not appear to know how to import.

Is there any way to have Quicken track my Milliman 401(k)? If it can't be done automatically, do I have to do it manually on a share-by-share basis? I'm not sure how I would record my investments into the 401(k) that come out of my paycheck, either.

If I have to do this all manually, it seems too labor intensive to have to update my holdings twice a month with each paycheck withdrawal. Is there a best practice for generally tracking 401(k) holdings without it taking hours per month to enter?

Answers

  • Frankx
    Frankx SuperUser ✭✭✭✭✭
    Hi @ajkessel,

    I have checked the current Financial Institutions Directory, and the connection type available for Milliman is "Web Connect".  That means that you should be able to download a .QFX file from the Milliman website that you then can import into Quicken. 

    Since you haven't been able to locate or export a QFX file on the website, the first thing that I would suggest is that you contact someone at Milliman to see if they can help you locate such a file on their website.

    If that fails - I would suggest that you consider using a third-party app called "ImportQIF" which can be found HERE.

    Good luck.

    Frankx

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  • Jim_Harman
    Jim_Harman SuperUser ✭✭✭✭✭
    As far as tracking the contributions from your paycheck and possible company match is concerned, Quicken's Paycheck Wizard can help with that.

    That will get the cash into the account.
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  • ajkessel
    ajkessel Member ✭✭
    I contacted Milliman and they said they don't allow Quicken to sync due to lack of 2FA. Is this on the roadmap somewhere? I have other banks with 2FA and Quicken just prompts me for the code; shouldn't that be do-able with Milliman?
  • Chris_QPW
    Chris_QPW Member ✭✭✭✭
    ajkessel said:
    I contacted Milliman and they said they don't allow Quicken to sync due to lack of 2FA. Is this on the roadmap somewhere? I have other banks with 2FA and Quicken just prompts me for the code; shouldn't that be do-able with Milliman?
    A Web Connect/QFX file doesn't require a "separate 2FA" because you are just logging into their website and downloading the file and then importing it into Quicken.  As such you are already following their 2FA rules.  If the financial institution doesn't provide a QFX file it is because they choose not to support it, not because of the "lack of 2FA in Quicken".

    As for automatic syncing of investment accounts.  Quicken only supports Direct Connect/OFX protocol.  This protocol has its own security model and it isn't logging into their website, it is logging into a OFX server.  Again something that they have to choose to support.

    2FA does come up in the case of Express Web Connect where the Intuit servers (Quicken Inc pays for this service) log into the financial institution's website as you to download transactions, but this is only for non investment accounts.

    It is highly unlikely that Quicken will ever support Express Web Connect/2FA kinds of connections for non investment accounts.  Investment transactions are much more complicated than non investment account transactions, and Quicken Inc/Intuit have a hard enough time just trying to support the existing Express Web Connect financial institutions, and most major financial institutions either already support Direct Connect and/or Web Connect.

    One thing you can try is my program called ImportQIF which can translate a CSV file into a QIF/QFX file for importing into Quicken, but it can be tricky to get it all setup to work correctly because there isn't any standard for the data formats of the CSV files, and as such columns have to be mapped to fields in Quicken and the "security actions" have to be mapped into actions in Quicken.
    You can find ImportQIF here: http://www.quicknperlwiz.com/
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  • ajkessel
    ajkessel Member ✭✭
    Thanks, I’ll try the CSV conversion.

    If I end up just doing manual data entry, can anyone point me to a resource for the best practices for doing this? It seems like way too much time to manually enter the 401k contribution twice per month, so presumably it would just be something to update quarterly or annually. Does this approach even make sense?
  • Chris_QPW
    Chris_QPW Member ✭✭✭✭
    ajkessel said:
    Thanks, I’ll try the CSV conversion.

    If I end up just doing manual data entry, can anyone point me to a resource for the best practices for doing this? It seems like way too much time to manually enter the 401k contribution twice per month, so presumably it would just be something to update quarterly or annually. Does this approach even make sense?
    If you aren't concerned about details like the cost basis, then you might try the "Simple" investment mode.
    To turn it on you would select Ctrl+Shift+E and select "Simple - Position Only" -> Yes -> OK.

    Then when you want to update your positions/prices/cash you select the gear icon and there are menu items for each of these.

    You can actually do a similar kind of updating in the "Complete" mode.

    You just have to be aware of the fact without the details Quicken can't calculate the cost basis and as such things like return on investment.
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  • Jim_Harman
    Jim_Harman SuperUser ✭✭✭✭✭
    As I said earlier, Quicken's Paycheck Wizard can handle the cash contributions.

    If your statement has all the details and you are only buying one or a few securities, entering all the transactions should not take much time.

    If your statement does not have all the details of the transactions, you can compare each statement to the previous one and enter the difference in shares as a Buy at the end of the period.
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