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Invesco Creates Account for each Fund

SteveTucker79

I have an Invesco Account (Used to be Oppenheimer) for a Roth IRA since about 1998. It's a small account with several different funds. I looked to see if I could connect with Invesco via direct and I can. Unfortunately Quicken wants to create a new account for each fund. Anyone know why and better yet, how can I have one account with multiple different stocks, just like a typical investing account. Appreciate any knowledge.

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NotACPA

Some fund companies, and it's ENTIRELY the fund company's decision, insist upon what Q calls "Single Mutual Fund" accounts.

There's nothing that you can do about this other than Live with it, or leave Invesco. Neither Vanguard nor Fidelity (and I'm sure that there are many others) require this.

Chris_QPW

You might check with Invesco to see if they can change it. If I remember correctly, at one time Vanguard would optionally setup to send them to individual accounts (but doesn't do that these days).

NotACPA

BTW, for those SMF accounts, the original fund is ALL that can ever be held in that SMF account. It's not "one fund at a time ... it's only the one fund ever".

SO, if you sell all of a SMF holding and buy another fund with the proceeds, you have to create another SMF fund account in Q. These fund accounts can also not hold cash ... only the single fund.

If Fidelity used this consumer UNfriendly practice, I'd have 83 SMF funds ... 76 of which would currently be unused.