Does Schwab work well with Quicken, especially for downloading transaction??

Yaxman

I currently have my investments held at LPL after recently moving to a new financial advisor. LPL does NOT handle transaction downloads. It only handles a simple transfer of current positions by account, and they do not do that well. They also hamper the one-step update process by including a 2 factor authentication process into the downloads etc.

I am looking at moving this over to Schwab. Does Schwab support transaction downloading to Quicken? Do they do it well? If not, what are the issues??

Boatnmaniac

(EDIT 5/3/2024: Corrected some incorrect information regarding Schwab and Tracking method.)

It is my understanding that Schwab downloads with Express Web Connect+ (EWC+) and does support Complete Tracking of investment accounts so you would be able to view all transactions details. I cannot speak to how well the Schwab EWC+ downloads process works. Hopefully someone who is downloading from Schwab with post here to provide more insight on this.

Fidelity downloads with Direct Connect (DC) and does support the Complete Tracking view you want showing specific transactions details. There are other brokerages that do this as well but I don't have a clear understanding of which others do this.

It is also my understanding that LPL does also support the Web Connect (WC) connection method which does support Complete Tracking. But WC does not work with OSU. Instead you need to log into your online LPL account and manually download the transactions in QFX file format (also sometimes called "Quicken" or "Web Connect" formats). Once downloaded to your computer, you can then import the QFX file into Quicken. The first time you do this will be a little more manual than many people like but after the first download/import is linked to the correct account in Quicken "remembers" it which makes the process go more quickly and pretty smoothly.