Migrate Investing Accounts from HSBC to RBC (edit)

BeeGeeWeeGee Member ✭✭
edited May 20 in Investing (Windows)

I had Investing accounts in HSBC and they have been migrated to RBC. Is there a quick way to transfer all the holdings in HSBC to a new RBC Direct Invest in Quicken ?



  • Tom Young
    Tom Young SuperUser ✭✭✭✭✭

    In these situations there are generally two ways of accounting for the transfer of an Investment Account from one broker to another.

    The first way is to continue to use the current Quicken HSBC Account, renamed to include "RBC Direct Invest". You do that by disconnecting the the Account from HSBC and then re-establishing downloading with the new RBC Direct Invest broker. This leaves all prior period transactions and holdings in the Account.

    The second way is to create the new RBC Direct Invest Account in Quicken, (I'd suggest initially making the Account "manual", i.e., non-downloading), then in the old Account use the "Transfer of Shares Between Accounts" action and the "Cash Transferred Out of Account" action to move the holdings between the two Accounts. This leaves all the prior period transactions in the old Account, where they actually occurred, and establishes your positions, lot by lot, in the new Account. Then connect the new Account to the new broker, Assuming everything is correct you don't accept the final download from HSBC (moving out) and the initial download from RBC (moving in).

    This mechanics of these two approaches are explained in this FAQ:

  • BeeGeeWeeGee
    BeeGeeWeeGee Member ✭✭

    Thanks Tom. for a quick response. I was hoping for a Bulk transfer or something like that. But it looks like that I will have to go account by account (TFSA, RRSP, Cdn Investing, US investing) and transfer each holding one by one.

  • q_lurker
    q_lurker SuperUser ✭✭✭✭✭

    Yes, if you have multiple accounts, each has to be independently migrated.

    I tend to favor the first option Tom outlined if that can be made to work. In that case it can be disconnect each account and then reconnect all at once.

    Be sure to have a good backup on hand either way, just in case you need to change approaches or redo a misstep.