Transferring from one brokerage account to different brokerage

schweitz6357

How do I go about transferring accounts from one brokerage to another after new brokerage takes over old brokerage accounts?

Frankx

Hi @schweitz6357,

I suspect that you are likely talking about a transition of your TDA Ameritrade brokerage account to Charles Schwab (but given the on-going consolidation of the FI's recently it could be any of a number of other recent transactions/consolidations). You have a couple of options. But before you do anything - make a good backup of your datafile.

The first would be to use the "Shares Transferred Between Accounts" option. To use this method, first you need to setup a new account in Quicken for the new brokerage firm. I would suggest that you use the "Tools" > "Add account" method but as you go through that routine you should set the account up initially as an "offline account" rather than a connected account. This should make the transfer less complicated at first and you will be able to "connect" the account later. Select "brokerage" account as the type and enter the name of the account, etc.

Next, open up register of the "old" account - where the securities that need to be "transferred out" are currently held. Click on the "Enter Transactions" button and move down to the "Shares transferred between accounts" option and select it. In the "Shares transferred between accounts" popup window, select the All securities" button on the right hand side and for "Transfer account" select the new account you just setup in the drop-down menu. Put a description in the Memo filed and hit "Enter/Done". This should move all your holdings to the new Quicken account maintaining the cost basis for each holding.

The other option would be to simply "disconnect" the online/downloading capability of the current Quicken brokerage account on the date that the transfer was made from the old broker to the new broker. After disconnecting, you should change the name of the "Financial Institution" from the old broker to the new one and also change the "Account Number" the "Customer ID" and other pertinent details to reflect the new brokerage account on the "Account Details" tab in Quicken to the new information. And then "connect" the Quicken account in the "Online Services" to activate downloads from the new broker going forward.

Let me know if you have any followup questions.

Frankx

Frankx

Hi @schweitz6357,

I suspect that you are likely talking about a transition of your TDA Ameritrade brokerage account to Charles Schwab (but given the on-going consolidation of the FI's recently it could be any of a number of other recent transactions/consolidations). You have a couple of options. But before you do anything - make a good backup of your datafile.

The first would be to use the "Shares Transferred Between Accounts" option. To use this method, first you need to setup a new account in Quicken for the new brokerage firm. I would suggest that you use the "Tools" > "Add account" method but as you go through that routine you should set the account up initially as an "offline account" rather than a connected account. This should make the transfer less complicated at first and you will be able to "connect" the account later. Select "brokerage" account as the type and enter the name of the account, etc.

Next, open up register of the "old" account - where the securities that need to be "transferred out" are currently held. Click on the "Enter Transactions" button and move down to the "Shares transferred between accounts" option and select it. In the "Shares transferred between accounts" popup window, select the All securities" button on the right hand side and for "Transfer account" select the new account you just setup in the drop-down menu. Put a description in the Memo filed and hit "Enter/Done". This should move all your holdings to the new Quicken account maintaining the cost basis for each holding.

The other option would be to simply "disconnect" the online/downloading capability of the current Quicken brokerage account on the date that the transfer was made from the old broker to the new broker. After disconnecting, you should change the name of the "Financial Institution" from the old broker to the new one and also change the "Account Number" the "Customer ID" and other pertinent details to reflect the new brokerage account on the "Account Details" tab in Quicken to the new information. And then "connect" the Quicken account in the "Online Services" to activate downloads from the new broker going forward.

Let me know if you have any followup questions.

Frankx

mshiggins

@schweitz6357 here is one of several discussions about the recent Ameritrade to Schwab account transitions:

https://community.quicken.com/discussion/7934297/handling-schwabs-purchase-of-td-ameritrade-in-quicken