Correct steps to transfer investment accounts

max58
max58 Member ✭✭
edited February 24 in Investing (Windows)
Hi,

I left a brokerage company A and moved all my assets to a company B (Taxable and retirement accts)

When I transferred from Copany A to B, I didn't sell/buy any stocks or funds. It just all in-kind transfer.

Can someone list all the right steps to make this happen in Quicken? So far, I have created Company B investment accounts with zero dollar in them as I have not transferred anything yet.

Thanks.

Comments

  • Rocket J Squirrel
    Rocket J Squirrel SuperUser ✭✭✭✭✭
    Easiest would be to continue using the same Quicken accounts. Just edit them to reflect the new brokerage. If you've been downloading, disconnect from the old brokerage first.
    Quicken user since version 2 for DOS, now using QWin Premier Subscription on Win10 Pro.
  • Sherlock
    Sherlock SuperUser ✭✭✭✭✭
    If you simply moved all of the holdings of each account to new accounts, I suggest you continue to use the original registers.  If Online Services were enabled in the original register, I suggest you deactivate the Online Services.  If you would like to enable Online Services, I suggest you clear the financial institution name on the General tab of the Account Details window and select Tools > Add Account....  After you authenticate, Quicken should provide a list of the accounts available at the financial institution and allow you the link account to the existing register.

    If you are actually merging the holdings of the accounts, I suggest you use the Shares Transferred Between Accounts wizard: open the source account register, press Ctrl + N, and select Shares Transferred Between Accounts
  • max58
    max58 Member ✭✭
    > @Sherlock said:
    > If you simply moved all of the holdings of each account to new accounts, I suggest you continue to use the original registers.  If Online Services were enabled in the original register, I suggest you deactivate the Online Services.  If you would like to enable Online Services, I suggest you clear the financial institution name on the General tab of the Account Details window and select Tools > Add Account....  After you authenticate, Quicken should provide a list of the accounts available at the financial institution and allow you the link account to the existing register.
    >
    > If you are actually merging the holdings of the accounts, I suggest you use the Shares Transferred Between Accounts wizard: open the source account register, press Ctrl + N, and select Shares Transferred Between Accounts

    Thank you. I haven't been using the online service with the Company A for several years. For some reason, it stopped working and gave me an error code that never been resolved. And this is a 100% in-kind transfer, so there will be nothing left.

    I will try what you suggested .

    Thank you.
  • max58
    max58 Member ✭✭
    > @Rocket J Squirrel said:
    > Easiest would be to continue using the same Quicken accounts. Just edit them to reflect the new brokerage. If you've been downloading, disconnect from the old brokerage first.

    I have one question before I do this. How does Quicken enter account transfer activities into the existing register? What action does it use in the Action column in the register ? I can see Sold, Bought, IntInc, Div, etc. Is there an action name for account transfer ? (just out of curiosity . I guess I will have to try and see it.)
  • Jim_Harman
    Jim_Harman SuperUser ✭✭✭✭✭
    As far as Quicken is concerned, there is no transfer at all with his approach - you have just renamed the accounts and if downloading, connected them to the new brokerage. You will probably see Removed transactions downloaded from the old broker if it is connected for downloading, and Added transactions downloaded from the new broker. You should delete or not accept these transactions.

    Another approach would be to set up new accounts in Quicken for the new broker. In that case you would use Shares Transferred between accounts to move the holdings from the old account to the new, and also delete or not accept any downloaded transactions associated with the transfer.
    QWin Premier subscription
  • Rocket J Squirrel
    Rocket J Squirrel SuperUser ✭✭✭✭✭
    max58 said:
    > @Rocket J Squirrel said:
    > Easiest would be to continue using the same Quicken accounts. Just edit them to reflect the new brokerage. If you've been downloading, disconnect from the old brokerage first.

    I have one question before I do this. How does Quicken enter account transfer activities into the existing register? What action does it use in the Action column in the register ? I can see Sold, Bought, IntInc, Div, etc. Is there an action name for account transfer ? (just out of curiosity . I guess I will have to try and see it.)
    What I'm suggesting is not to transfer anything. Just continue to use the existing investment registers you were using with Company A, but edit those accounts to reflect new Company B.
    Quicken has a "Shares transferred between accounts" action which you can see in the Action column as "XfrShrs". But if the new accounts will be identical to the old accounts, I wouldn't bother with any transfer actions at all, I'd just re-brand them to Company B.
    Quicken user since version 2 for DOS, now using QWin Premier Subscription on Win10 Pro.
  • max58
    max58 Member ✭✭
    ok. Thank you all. I will try both methods. But I will make a back up copy so that I can always go back to where I started.
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