Access to Prudential/Empower retirement account error OL-301-A
Answers
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First, deactivate online services for Prudential in the account properties..
Then you can change the name of the account to whatever you want, I would also blank you the financial institution name, account number, etc. The first time you import the QFX file, tell it to use an existing account and select your newly renamed account. It will now be set up for online services with Empower and will automatically import the QFX into that account going forward.
Note you'll have one big "buy" transaction for each security on the date of the move, you can just delete those. Going forward you'll only have one purchase for each security after each payroll date, unlike before where you'd have at least two, but it will coexist with the previous method fine in the same account.
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Personally I did remove shares transactions in pru (for each security) and add shares in empower, and deleted their "buy" transactions that came through on the day of the conversion. But in reality since the accounts are not taxable you can do sell and buy too. I just wanted to be consistent with how quicken always does share transfers to another account which uses remove/buy.
Either way you'll lose some of the stats on the portfolio view tab for those securities. But other performance reports will/should be accurate as long as you include both accounts in the report.
You also have the option of just keeping the same account in quicken, renaming it, and setting it up for Empower (Great West) QFX imports instead of Pru direct connect, no loss of performance data that way. You'll just need to delete the big buy transactions from the day of the conversion.
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I have noticed that in my Fidelity acct. I had my Empower (Prudential) 403b acct. connected but for the last couple of weeks, I am getting an error message saying the acct. can't be found.
I haven't received any communication from Empower about this and my 403b is with a large Health System and haven't seen any communication on the website either.
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