Problems with LPL Accounts

eswenerton

I have 6 LPL Accounts that are synched to Quicken via Express Web Connect. All the transactions come through; however, the details are not correct. A Stock purchase, for example, comes in as a Withdrawal (for the correct amount) with the memo - Stock Purchase. I need to edit the transaction to enter the security and shares. Is there something I can do to correct this?

Tom Young

I'd think you might have to contact Quicken Support directly here.

Express Web Connect is a downloading method where Quicken (the company) needs to write a script (program) specific for each financial institution.  The financial institution is supposed to tell Quicken where to find the needed information and Quicken writes the script accordingly.  A change on the part of the financial institution where information is stored that's not communicated to Quicken, or an error in the script written by Quicken, might be the problem here.  But in either case, Quicken needs to adjust their script to fix it.

eswenerton

I contacted Quicken Support- at least whomever monitors their online chat. They informed me that it was not Quicken's issue and that LPL programmers have to change their output format to match Quicken format. I am sure that this is not true and that Quicken programmers can easily modify their script as Tom Young suggests. So much for Quicken support.

Perhaps you have a better portal that I can try?

eswenerton

As many people have expressed, Quicken is not working correctly with LPL Financial. The old method of importing QXF files does work; however a message comes up that Quicken has a "better method" of importing transactions with LPL Financial. Following this prompt leads one to an express web connection which partially works. In my case, transactions do come through; however, stock purchases import as withdrawals and stock sales as deposits. Neither places the transaction with a security; however, the security is mentioned in the memo space. One has to manually change each and every transaction to get the right info into the right categories.

As an ex programmer I know that the correction this involves writing a script to handshake the LPL data with the Quicken import format. The problem is that Quicken says it is an LPL problem and LPL says that it is a Quicken problem. The old runaround.

I contacted Quicken support and was told that it is an LPL problem and that I should stick to importing QXF files. No one could answer why Quicken offers "better method" of importing LPL transactions- a method that does not work.

I would prefer to use the express web connect, as I do for all my other accounts. Ignoring the upgrade window and using the old QXF format is my only solution; but I will miss the real upgrade when it finally occurs.

Quicken- please get my contact info to whomever writes the import scripts. You must have hundreds of financial institutions that require tweaking to work with Quicken. Please put LPL Financial on that list.

[Merged Post]

[Deleted User]

@eswenerton - for the accounts with issues, if you look on the Online Services tab, what Account Type do they show?

As for who is responsible for fixing a EWC connection, I think it's between LPL, Quicken, and Intuit.  Even if Quicken was responsible to rewrite the scripts, they would need information from LPL and work with Intuit to get the scripts updated. 

Ps56k2

so many points could be made.... but I wont -

Have requested this posting be merged into your other LPL posting -

[Merged Post]

Ps56k2

here is the current status of LPL Financial -
and it looks like the only online download is EWC or the manual downloading

.... seems LPL has had problems in the past -
https://community.quicken.com/search?query=lpl financial&scope=site&source=community

11372    11372    11372    LPL Financial    http://www.lpl.com    1-800-877-7210   
https://myaccountviewonline.com/AccountView/LogOn    ACTIVE        
INVESTMENT&WEB-CONNECT        
INVESTMENT&EXP-WEB-CONNECT  

eswenerton

This being the case, I recommend that Quicken remove the option to connect to LPL via express web connect- at least until the correct scripts are written. Also, I would like a recommendation to whom I should contact in Quicken or LPL or Intuit to expedite a resolution to this issue. I think if an LPL programmer and a Quicken programmer could get together, the problem would be fixed in less than an hour- before the beer gets warm and the pizza gets cold.

[Deleted User]

@eswenerton - yes the issue is getting all parties involved to talk and work together.  But the real issue is the nature of an EWC connection.  There is no standard.  Each EWC connection is custom and essentially the wheel needs to be recreated for each new connection.  Everything is fine until the FI, Quicken, or Intuit makes a change or update that breaks the connection.  And when it happens, it's not easy to determine the who and why.  That is why all parties involved throw up their hands and start pointing fingers.  If you scan through the LPL posts that @PS56k2 provided in his link, you will see that the EWC for LPL has been problematic.