Janney Montgomery Scott's New Connection Process - Duplicate Holdings

jtjbt20x
jtjbt20x Member ✭✭
On June 1st, Janney Montgomery Scott switched to a new backend server and. we all had to reconnect our accounts. Unfortunately, this created double holdings. The new holdings all say 'add basis'. I called JMS tech support and they said the solution was to go in and delete all the duplicates. This is a painful process for a lot of us.

In addition to showing 'add basis', the names of the holdings all have a number in the name, but the symbols are the same. The price history also starts about a week ago, all the other historical prices are zero.

What's an easy way to delete the duplicate holdings?

Thanks.
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Comments

  • jtjbt20x
    jtjbt20x Member ✭✭
    I think I see why this is happening. When downloading the Janney accounts, the new back end is changing the security name but keeping the correct symbol. So if I had 100 shares of MMM under the name "3M" the backend downloads 100 shares of MMM under the name "3M 123456". Since the names are different, but the symbols are the same, Quicken double counts those holdings.

    I did a test on one account, did the deletes, then updated. The phantom holdings came back.

    I called Janney tech support and they opened ticket INC0327301 and it has been escalated.

    If you have this problem, please contact Janney tech support at 1-888-882-0012 to add your name to this ticket.

    thanks.
  • mpane21
    mpane21 Member ✭✭
    Thanks for the additional info - I am experiencing the same thing and I had concluded something similar. I will call the above number to add my name (I was given the same number from my Janney contact). I also have a call scheduled with Quicken support to see if they can help with a solve.
  • mpane21
    mpane21 Member ✭✭
    In addition to the above issue, is anyone else having issue keeping the reoccurring connection intact to update the account? I am able to successfully setup the Janney connection and download the initial transactions but when I refresh the accounts I get a download error (15500). I am able to manually set up the connection again but it repeats the same above behavior. The two issue may not be related, and quite frankly I am more concerned with the duplicate transactions but I also wanted to see if this was a common problem or isolated to me.
  • jtjbt20x
    jtjbt20x Member ✭✭
    edited June 2022
    I didn't have that issue, but I only tried to download two or three times after I did the reconnect on one of my Janney accounts. Then I restored a backup and had to reconnect all my other non-Janney accounts because my Quicken cloud account had to be reset.
  • Quicken Jared
    Quicken Jared Moderator mod
    mpane21 said:
    In addition to the above issue, is anyone else having issue keeping the reoccurring connection intact to update the account? I am able to successfully setup the Janney connection and download the initial transactions but when I refresh the accounts I get a download error (15500). I am able to manually set up the connection again but it repeats the same above behavior. The two issue may not be related, and quite frankly I am more concerned with the duplicate transactions but I also wanted to see if this was a common problem or isolated to me.
    Hello @mpane21,

    I am sorry to hear about these frustrating problems with duplicate transactions and download errors. Thank you for seeking additional information here in this Quicken Community Discussion.  

    In regards to the duplicate transactions, I was wondering what connection method is being used to add or link these accounts to online banking services. You should be able to check this anytime by selecting an account from the Account List in the left-hand panel of the Quicken window, then navigate to the Settings menu in the 'gear' icon. The information we are seeking should be available in the Downloads tab. 

    After this, be sure to save a backup by going to File > Save a Backup... in the upper menu at the top of the screen, then make use of the following instructions in order to resolve this problem with the 15500 error message:

    First, deactivate all the accounts with the affected financial institution
    1. Open Quicken.
    2. Go to the Accounts menu and choose Hide and Show Accounts;
    3. Uncheck any accounts with this specific financial institution (FI) that are hidden in Lists;
    4. When complete, click the Settings button in the bottom right of the register for the affected account;
    5. Click on the Downloads tab.
    6. Click on Disconnect Account, then click Done. Do this on each account with this FI. 
    7. Quit Quicken.

    Second, delete Quicken passwords from the Keychain

    1. Open Finder and go to Applications > Utilities > Keychain Access app;
    2. On the left panel in the Keychain app, set the Keychains to Login and the Category to Passwords.
    3. Find and delete any entries that show Quicken or Quicken Connect and this FI name;
    4. Quit the Keychain Access app and open Quicken.

    Third, update the bank list in Quicken and reconnect accounts

    If there are multiple affected accounts

    1. Go to Accounts > New and pick an account type matching one of the affected accounts.
    2. At the bottom of the window that lists the financial institutions, click the "My bank is not listed" question mark icon; then click Update List.
    3. When the list finishes updating, it will display the current date. Click the Show List button to continue.
    4. Type the name of the financial institution and make the appropriate selection.
    5. Enter your login credentials and click Continue.
    6. When Quicken has returned all accounts discovered for this FI: In the Action column, make sure that the accounts are set to LINK to the corresponding accounts in Quicken (rather than Add or Ignore).  

    If there is a single affected account

    1. Select the affected account in the account sidebar.
    2. Go to Settings > Downloads tab and select Connect Account.
    3. At the bottom of the window that lists the financial institutions, click the "My bank is not in the list" question mark icon; then click Update List.
    4. Type the name of the financial institution and make the appropriate selection.
    5. Enter your login credentials and click Continue.
    6. When Quicken has returned all accounts discovered for this FI, make sure the corresponding account is showing LINK in the action column and all other accounts are showing Ignore.

    You can read more about these steps in the Support Article provided here.

    I hope this is helpful, and I look forward to hearing back from you about any possible developments in this situation.  

    Thank you,

    Quicken Jared 
  • mpane21
    mpane21 Member ✭✭
    > @Quicken Jared said:
    > Hello @mpane21,
    >
    > I am sorry to hear about these frustrating problems with duplicate transactions and download errors. Thank you for seeking additional information here in this Quicken Community Discussion.  
    >
    > In regards to the duplicate transactions, I was wondering what connection method is being used to add or link these accounts to online banking services. You should be able to check this anytime by selecting an account from the Account List in the left-hand panel of the Quicken window, then navigate to the Settings menu in the 'gear' icon. The information we are seeking should be available in the Downloads tab. 
    >
    > After this, be sure to save a backup by going to File > Save a Backup... in the upper menu at the top of the screen, then make use of the following instructions in order to resolve this problem with the 15500 error message:
    >
    > First, deactivate all the accounts with the affected financial institution* Open Quicken.
    > * Go to the Accounts menu and choose Hide and Show Accounts;
    > * Uncheck any accounts with this specific financial institution (FI) that are hidden in Lists;
    > * When complete, click the Settings button in the bottom right of the register for the affected account;
    > * Click on the Downloads tab.
    > * Click on Disconnect Account, then click Done. Do this on each account with this FI. 
    > * Quit Quicken.
    >
    > Second, delete Quicken passwords from the Keychain
    >
    > * Open Finder and go to Applications > Utilities > Keychain Access app;
    > * On the left panel in the Keychain app, set the Keychains to Login and the Category to Passwords.
    > * Find and delete any entries that show Quicken or Quicken Connect and this FI name;
    > * Quit the Keychain Access app and open Quicken.
    >
    > Third, update the bank list in Quicken and reconnect accounts
    >
    > If there are multiple affected accounts
    >
    > * Go to Accounts > New and pick an account type matching one of the affected accounts.
    > * At the bottom of the window that lists the financial institutions, click the "My bank is not listed" question mark icon; then click Update List.
    > * When the list finishes updating, it will display the current date. Click the Show List button to continue.
    > * Type the name of the financial institution and make the appropriate selection.
    > * Enter your login credentials and click Continue.
    > * When Quicken has returned all accounts discovered for this FI: In the Action column, make sure that the accounts are set to LINK to the corresponding accounts in Quicken (rather than Add or Ignore).  
    >
    > If there is a single affected account
    >
    > * Select the affected account in the account sidebar.
    > * Go to Settings > Downloads tab and select Connect Account.
    > * At the bottom of the window that lists the financial institutions, click the "My bank is not in the list" question mark icon; then click Update List.
    > * Type the name of the financial institution and make the appropriate selection.
    > * Enter your login credentials and click Continue.
    > * When Quicken has returned all accounts discovered for this FI, make sure the corresponding account is showing LINK in the action column and all other accounts are showing Ignore.
    >
    > You can read more about these steps in the Support Article provided here.
    >
    > I hope this is helpful, and I look forward to hearing back from you about any possible developments in this situation.  
    >
    > Thank you,
    >
    > Quicken Jared 

    Thank you! This resolved my 15500 error. I have of course still have the duplicate transaction issue but I now am connecting to my Janney accounts consistently.
  • mpane21
    mpane21 Member ✭✭
    > @jtjbt20x said:
    > I think I see why this is happening. When downloading the Janney accounts, the new back end is changing the security name but keeping the correct symbol. So if I had 100 shares of MMM under the name "3M" the backend downloads 100 shares of MMM under the name "3M 123456". Since the names are different, but the symbols are the same, Quicken double counts those holdings.
    >
    > I did a test on one account, did the deletes, then updated. The phantom holdings came back.
    >
    > I called Janney tech support and they opened ticket INC0327301 and it has been escalated.
    >
    > If you have this problem, please contact Janney tech support at 1-888-882-0012 to add your name to this ticket.
    >
    > thanks.

    I have added myself to the above opened ticket. They also told me this has been escalated and that I should be expecting a call when its resolved.
  • Stewj
    Stewj Member ✭✭
    Suffering the same problem here. I've been playing phone tag with a Janney Tech Rep since yesterday and her last voicemail said "we are working on some solutions to this problem". Far too many transactions in the accounts to start deleting duplicates. Restored to the pre-conversion backup and now waiting for a clean method to get accounts reconnected.
  • jtjbt20x
    jtjbt20x Member ✭✭
    Janney Tech Support sent me instructions to fix this...for the Windows version of Quicken. It involves a feature that is not included in Quicken for Mac. I've asked them for different instructions...stay tuned...
  • Dave Anderer
    Dave Anderer Member ✭✭✭
    > @jtjbt20x said:
    > Janney Tech Support sent me instructions to fix this...for the Windows version of Quicken. It involves a feature that is not included in Quicken for Mac. I've asked them for different instructions...stay tuned...

    Same
  • mpane21
    mpane21 Member ✭✭
    > @Dave Anderer said:
    > > @jtjbt20x said:
    > > Janney Tech Support sent me instructions to fix this...for the Windows version of Quicken. It involves a feature that is not included in Quicken for Mac. I've asked them for different instructions...stay tuned...
    >
    > Same
    >
    >

    Same...
  • Stewj
    Stewj Member ✭✭
    > > > Janney Tech Support sent me instructions to fix this...for the Windows version of Quicken. It involves a feature that is not included in Quicken for Mac. I've asked them for different instructions...stay tuned...
    > >
    > > Same
    > >
    >
    > Same...

    Spoke to my local Janny representative yesterday and shared my frustration with the failed rollout of the conversion. She reached out to their Tech group through internal channels and said there is a lot of finger pointing going on between Janney, their backend connection provider and Quicken. So still we wait...

    I'm curious if the above mentioned Windows version "fix" has been successful or not? If so, that would at least provide some hope that they will eventually provide a "fix" for the Mac customers.
  • jtjbt20x
    jtjbt20x Member ✭✭
    I haven't heard of (or looked for) anything on the Windows part of Quicken. The instructions seem that they would work, at least partially--they want to create a reconciliation transaction though.
  • Dave Anderer
    Dave Anderer Member ✭✭✭
    I tested the below on one Janney account that has a single security in it - seems at first blush to work.

    Given dozens of securities in other accounts I don't see this as an optimal solution.

    https://web.archive.org/web/20200804032805/https://www.quicken.com/support/merge-securities-quicken-mac
  • Dave Anderer
    Dave Anderer Member ✭✭✭
    Talked to a Janney tech guy who seemed to know his stuff. There is no good solution here IMHO.

    Option 1: Disconnect existing Janney accounts in Quicken and archive them. Create new accounts and a do clean downloads. Older data is available in the archived accounts.

    Option 2: A web connect option will be coming down the road. Not sure how that'd improve things.

    Option 3: Manually merge each security (my idea, not his - just want to be clear they're not suggesting this approach.)

    I wouldn't look for any better solutions down the road.
  • Stewj
    Stewj Member ✭✭
    @Dave Ander, thanks for the "update".

    I must say though, that is a pretty bleak outlook (also IMHO)... I find it most disturbing that a major financial management house like JMS can't correctly work with what I would consider to be arguably the most popular financial management software available on the market. I've been addressing my displeasure with my local Janney team and I would certainly hope that Janney tech or management is following this thread.

    Thanks for your three options to consider. I may be rather lucky depending on how far back the transactions go on a clean download since my accounts are just short of 18 months old. If I try your Option 1, I'll post the results here for others to consider.

    Thanks again.
  • jtjbt20x
    jtjbt20x Member ✭✭
    That's what they told me yesterday. I tried manually merging securities but for some unknown reason the portfolio increased about 5% in value which is unacceptable to me. The tech said he'd call back with more information.

    They need to fix the security naming issue to resolve this, but I'm not getting a warm fuzzy that they can do that.

    > @Dave Anderer said:
    > Talked to a Janney tech guy who seemed to know his stuff. There is no good solution here IMHO.
    >
    > Option 1: Disconnect existing Janney accounts in Quicken and archive them. Create new accounts and a do clean downloads. Older data is available in the archived accounts.
    >
    > Option 2: A web connect option will be coming down the road. Not sure how that'd improve things.
    >
    > Option 3: Manually merge each security (my idea, not his - just want to be clear they're not suggesting this approach.)
    >
    > I wouldn't look for any better solutions down the road.
  • mpane21
    mpane21 Member ✭✭
    I> @jtjbt20x said:
    > That's what they told me yesterday. I tried manually merging securities but for some unknown reason the portfolio increased about 5% in value which is unacceptable to me. The tech said he'd call back with more information.
    >
    > They need to fix the security naming issue to resolve this, but I'm not getting a warm fuzzy that they can do that.
    >
    > > @Dave Anderer said:
    > > Talked to a Janney tech guy who seemed to know his stuff. There is no good solution here IMHO.
    > >
    > > Option 1: Disconnect existing Janney accounts in Quicken and archive them. Create new accounts and a do clean downloads. Older data is available in the archived accounts.
    > >
    > > Option 2: A web connect option will be coming down the road. Not sure how that'd improve things.
    > >
    > > Option 3: Manually merge each security (my idea, not his - just want to be clear they're not suggesting this approach.)
    > >
    > > I wouldn't look for any better solutions down the road.
    >
    >

    I have done the same thing with the same result. I'm not positive but I believe it might be because the new securities do not keep fractional shares. It appears to be rounding the number of shares to calculate the value. I am not positive this is the only issue causing the mismatch but I believe it is a contributing factor.
  • jtjbt20x
    jtjbt20x Member ✭✭
    The 5% error in my accounts is too large to be rounding errors of fractional shares, not sure what's going on. And the other thing I just remembered is that there were a large number of transactions in the new download that were mislabeled. For instance, a number of dividends were changed to add money or something like that. Maybe the error was reinvesting dividends. Who knows.

    > @mpane21 said:
    >
    > I have done the same thing with the same result. I'm not positive but I believe it might be because the new securities do not keep fractional shares. It appears to be rounding the number of shares to calculate the value. I am not positive this is the only issue causing the mismatch but I believe it is a contributing factor.
  • Dave Anderer
    Dave Anderer Member ✭✭✭
    I'm seeing a lot of duplicated transactions like this.  Not happy.


  • Stewj
    Stewj Member ✭✭
    I received my "Solution" instructions today from Janney. The solution instructions are to disconnect existing Janney accounts then change the account settings to "Hide" and "Separate" (from reports, budgets, and Net Worth). Instructions were specific to ensure that Quicken data file was restored to a state prior to June 3rd (I restored my June 1 pre-conversion backup)

    Next, connect and add all Janey accounts as "New" accounts (but that only brings in transactions for the the last 90-days). Then, just use the "hidden" and "separated" accounts for past transaction references.

    All in all, I think this is a pretty poor solution but at least it gets the Janney and non-Janney accounts all online in Quicken once again.

    I really wish I knew who to "blame" for this horrible experience. I'm sure Janney is blaming Quicken and vice versa. Either way, the one common fact is that "WE" are customers of BOTH companies so it really doesn't say much for either of their Customer Service.
  • jtjbt20x
    jtjbt20x Member ✭✭
    edited June 2022
    They gave me the same instructions and provided an alternate....run Quicken for Windows in a VM on my Mac. That's just ridiculous.

    They also said they found a rounding error in the new processor data flow and fixed it--they think it might be the cause of the $xxxk "rounding error" in my account after my merge test in the security view.

    Stay tuned for more...
  • jtjbt20x
    jtjbt20x Member ✭✭
    edited June 2022
    The rounding error is in the quantity of holdings that is caused by the new processor. That might explain the $xxx error in my account balances, but the only way to see if that is true is to run a manual merge on each holding in each account. I'll take eight hours out of my day to test it.
  • Stewj
    Stewj Member ✭✭
    Well, we're into July and well over a month since the failed conversion.

    The "solution" I received back on June 21 from Janney Customer Support was presented as "Do this, and case closed!".

    So now all my Janney account history has to sit in a parked off-line hidden status while only new data is imported to "new" Janney accounts in Quicken. But, even that isn't working right... Every time I open Quicken, it fails to connect to Janney so I have to "Setup" a new connection which it saves and connects until the next time I attempt to connect.

    I've expressed my displeasure to both Janney Montgomery Scott and Quicken since I pay them both for services but neither seems to be interested in resolving this problem.
  • jtjbt20x
    jtjbt20x Member ✭✭
    I just checked with my advisor....he checked with IT....and they said they are still working on it. I wonder what is easier, getting Quicken to add the Windows functionality or Janney getting the feed fixed.
  • Stewj
    Stewj Member ✭✭
    > @jtjbt20x said:
    > I just checked with my advisor....he checked with IT....and they said they are still working on it. I wonder what is easier, getting Quicken to add the Windows functionality or Janney getting the feed fixed.

    @jtjbt20x...

    I guess I'm being a bit unfair to fault Quicken because QforMac was working just fine with Janney until Janney started preparing for their "conversion". Then, once they transitioned on June 1, they broke it completely. I think Janny and their back-end provider must have forgotten all about their MAC based customers and probably did development testing on Windows based only.

    But, I do think that both companies should be working together to resolve the issue.
  • jtjbt20x
    jtjbt20x Member ✭✭
    I agree that they didn't test it on a Mac...I also have the feeling that they found a really old Mac for testing and then they had to buy a new one. It's just a feeling.
  • Stewj
    Stewj Member ✭✭
    Well, i've come to the conclusion that Janney and Quicken (quicken for Mac in my case) simply no longer work well together at all! I'm not sure if I want to blame Janney, their "new" back end direct connect provider, or Quicken. Although, I do find it hard to blame Quicken since none of these problems existed prior to Janney's June 1 "conversion".

    As detailed in the thread above, Janney's "solution" was to park the existing JMS accounts and mark them as Separate and Hidden. Then to setup all six accounts as "New" within my Quicken for MAC. Looked very pretty for the first few minutes until you start to look closely.
    - Reporting is no longer worth a crap since you have to run reports against the live and separate accounts separately (oh, and the new live accounts overlap dates by about 60+ days so reports are loaded with duplicates)
    - Account balances in Quicken are now always WAY off from actual balances at JMC. (sure I understand they will never be exact based on reporting delays but $6K to $10K differences at the end of the day are simply unacceptable)
    - Share "split" doesn't show up in the Quicken download. JMS website shows total new split shares number but Quicken doesn't show them at all.

    Frustrating, simply frustrating! I wonder if the Quicken for Windows people are experiencing these kinds of problems?
  • jtjbt20x
    jtjbt20x Member ✭✭
    As a test last Friday, I loaded another Mac with Quicken and created a fresh data file. I then added the download connections. All my securities were there of course, but none of the basis. After that one day, the overall balance was correct, but there was a $372k loss for the day, which makes no sense at all. Stay tuned...
  • Stewj
    Stewj Member ✭✭
    If only one could do a new account setup in Quicken and let it go back to the beginning of time in Janney to get all clean data (using their new direct connect provider). I suppose that could work for someone like me who's Janney accounts are still less than 24 months old but could be a big problem for legacy Janney customers with years of data.

    I did create a myjanney online report for all activity on all accounts from 1/1/21 to 7/25/22 then downloaded it as a .CSV file and tried to create a new Quicken file using the .csv file as an import but that just kind of made a mess so I abandoned that idea.
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