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Best practice for moving from manual entry/direct connect to web connect without data loss

lances18236

Over the past 28 years I've tracked my 401k investments in Quicken. During that time the vendors have changed (Vanguard to Fidelity), the names of the individual funds have changed (even though the fund remained the same), the procedures for entering data (manual, import, direct connect) have changed. I have over 13,000 entries in my 401k in Quicken. Each of the changes have required new processes, band-aids, and lots of placeholders. But up until the most recent iteration of changes 6 months ago, I was pretty confident in my ability to track performance and portfolio value throughout the years. I fear that the most recent changes, and the resulting processes are a bridge too far. One band-aid too many.

So, here's my dilemma. I'd like to be able to retain the data I've already entered, so I can go back and look at historical performance and values, and convert to web connect with Fidelity going forward. What's the best method? Delete / Hide the previous account, lose the 13,000+ entries, setup a new account with Web Connect and live with the fact that I no longer have access to historical information? Or, try to somehow Web Connect to Fidelity and hope that I can link the new data with the existing?

Thanks for your help!

[Edited for readability]

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Accepted answers

lances18236

Thanks Tom and q_lurker. I think I figured it out. About 6 months ago, I lost (through my own fault) and had to re-establish my connection with my financial institution. When I did I think the account details changed to the "Simple - positions only" attribute being selected. I didn't know about that attribute at the time, so when all I could see on the account was a summary without any transaction history, I assumed it was the result of the new "web connect" protocol (I thought it had previously said "direct connect"). So, I deleted the new connection, and for the next several months I went directly to the financial institution's site downloaded the transactions manually and imported them in. That worked for a while, but then there was a reverse stock split in one of the funds and because I think the account retained the "positions only" attribute, Quicken (or more truthfully, I) got confused, and my portfolio value didn't match the online value. Which prompted my question. Now, I found the "Complete - Positions and Transactions" attribute, loaded some price history manually, and all is well with the world again! Thanks for your help!

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Tom Young

You don't have to lose anything. One approach would be to transfer your holdings to a new Account. That should result in correct Holdings in the new Account and no securities in the old Account. Then just leave the old Account alone. Any performance metrics you care to run for a specified security, say, can be run with both old and new Accounts feeding information to the report. The program (Quicken) will essentially stitch the two Accounts together for purposes of the report.

q_lurker

While one certainly can have too many band-aids on their wounded file, what took place 6 months ago to reach that point for you? What is the real issue?

I agree with Tom's guidance to create a new account and use Shares Transferred to move holdings from old to new account. A caveat on that path - You mentioned placeholders and I don't know what that transfer function will do with securities having placeholders. Indeed, my view would be that placeholders effectively prevent the user from tracking performance accurately. Might depend on one's definitions of 'performance' and 'accurately'.

One further reason I'd recommend the transfer approach is that 13,000 transactions in an account can lead to sluggish responsive by the program when using that account. You may just need to 'fill in' some missing pieces as you do so.

lances18236

q_lurker

As I see it, that Simple mode is a result of a “be careful what you ask for” situation. Perhaps the solution fits some users, but I rarely see posts from them on this site. For the rest of us, it can be a real PITA. Easy to address when you know what to do, but otherwise, a head-scratching what-went-wrong dilemma..

bamalam

I read this thread with interest. I, too, have several Fidelity accounts for which I have had Quicken to online updates. A couple of the accounts are newer, some have been open for several years. They all show Direct Connect as the Connection Method. Does Fidelity now support Express Web Connect+, like Schwab does? If so is it really required to create a new Quicken account just to change the connection method? That's hard to believe.

I tried to Reset Account for one the Fidelity accounts. It worked, but did not change the Connection Method from Direct Connect. My next step would be to Deactivate the account for online access, then go through the Set Up Now wizard to enable online access. Would that not result in an Express Web Connect+ connection?

BTW, does "Express Web Connect+" imply that Quicken and the financial institution use OAuth 2.0? I can't find a good description of Express Web Connect+.