Publish which retail stock, etf, etc. trading platforms fully integrate with Quicken

schmidtl4

I'm hunting for a retail platform that allows fractional share purchases AND integrates with Quicken Classic. So far I've come up with only lame solutions (like download a monthly statement then import it) or no integration at all. Instead of my trying to look for the needle (i.e. the platform that supports Quicken downloads/transaction integration) in the haystack (the universe of new era fintech apps and platforms), it would be great if Quicken just published a list of the trading platforms with which it is fully integrated.

NotACPA

By "fully integrate" do you mean Direct Connect or something else? By "trading platforms" do you mean brokerages, or Exchanges (such as NYSE or NASDAQ)? And Q doesn't connect to any exchanges, The brokerages do that.

You need to clarify your question.

Ps56k2

don't understand what you are asking -

Quicken is a business - and financial institutions make their own decisions to contract with Quicken for downloading support… or not..
If some of the latest Fintech companies don't offer Quicken support - ask them why… it's not a Quicken question -

Most brokerages contract and support Quicken downloading - but not sure if all are offering fractional shares as investments…
Also - you usually don't connect with and buy/sell with a "retail stock, ETF, etc" -
you usually have to go thru a brokerage., so it will be up to that brokerage to contract and support Quicken downloading…

Which brokerages have you checked - and found not to be meeting your goals ?

schmidtl4

There's a similar question posted in 2018. It's now 2024 and the financial landscape has changed a lot.

I'm a high-yield investor - looking for good quality investments that payout a good dividend stream. I'm looking to move my financial institution managed account to a self-managed account and am interested in hearing about any and all brokerage account platforms that fully integrate with Quicken - i.e. transactions are posted accurately and timely, reinvested dividends handled properly, etc. Of the "big" platforms I'm very familiar with ETrade and Vanguard. Vanguard is really clunky to make trades and ETrade is OK but have really sh*$ty customer support, though it has gotten better after the merger with Morgan Stanley.

The new platforms like Robinhood, M1, nerdwallet, and public are great, but to my knowledge none of them integrate well with Quicken.

Why doesn't Quicken publish a list of the brokerage houses and the degree to which they do or do not integrate with Quicken Classic?

I am "playing" with M1, but every transaction, dividend, etc requires manual entry so there is NO integration with Quicken. It's too painful…

Is there any "modern" brokerage that fully integrates with Quicken Classic? (or are "classic" and "modern" just not compatible? Lol)

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schmidtl4

Sorry I wasn't more clear. Of course transactions take place at a brokerage. Of course Quicken doesn't connect with Exchanges (other than for daily updates of prices).

I'm looking for any institution that provides Quicken with all the information that is necessary to keep the Quicken account 100% in sync with the detail and balances of the brokerage account. I know companies make their own decisions as to whether or not they integrate with Quicken, but surely Quicken knows which ones are connected and to what degree they are fully utilizing all of the integration Quicken has to offer.

As an example, I was a First Republic Securities client before they merged with JP Morgan. First Republic used Pershing as a clearing house and all of the transactions were seamlessly downloaded and reconcilable in Quicken. It turns out that JPMorgan uses Express Web Connect and doesn't provide transaction detail. I get the "pleasure" of having the market value updated, but no transaction detail. I'm ready to bail on JPMorgan and self-manage. But I don't want to move all of my investments only to find out that XYZ brokerage only half-heartedly integrates with Quicken.

Bottom line is I'm looking for brokerage houses that are NOT using Express Web Connect and download all the details. Does that help clarify the question?

Rocket J Squirrel

From decades of personal experience:

Mostly full service with commissions: Morgan Stanley Wealth Management.

Mostly self-service without commissions: Fidelity Investments.

Both use Direct Connect and are as nearly perfect as any FI that talks to QWin.

Rocket J Squirrel

See my response in your duplicate thread. Both my recommendations, which you may call "classic", work as close to perfect as any, new or old.

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schmidtl4

Thanks @Rocket J Squirrel . I had forgotten I had previously posted about this topic, but couldn't find a way to delete this. The other topic title (for those who are interested and want to find it) is "Publish which retail stock, etf, etc. trading platforms fully integrate with Quicken"

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schmidtl4

@Rocket J Squirrel - thanks for the information. I'm moving away from commissioned asset management so won't be going the Morgan Stanley route. I've checked out the Fidelity platform and it looks to have everything I've been looking for. Thank you!!!!

Jim_Harman

I have had good experiences with Fidelity and Vanguard and their integration with Quicken.

They both work well for routine transactions like Buys, Sells, and dividends, but I think with any brokerage there are several situations that will require some manual intervention in Quicken to get all the details recorded correctly. These include:

• Corporate actions such as splits, mergers, spin-offs, and acquisitions
• Ordinary vs. Qualified dividends
• Preserving cost basis when shares are transferred between accounts
• Preserving cost basis when there is a mutual fund share class conversion
• Tax treatment of distributions from retirement accounts

These mainly affect Quicken's tax reports and the Tax Planner, which may or may not be important to you.

NotACPA

re: Ordinary vs. Qualified dividends

I mostly hold funds. The one div paying stock that I own outright I record the Divs as "MiscInc" so that I can assign the _QualDivInc category to it.

Yeah it's a small bit of work (4 x per year), but it makes tracking that income easier.

NotACPA

I've asked the Mods to merge this thread with your other.

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Jim_Harman

@NotACPA The OP asked for brokerages that are "fully integrated" with Quicken and wants to know of "any institution that provides Quicken with all the information that is necessary to keep the Quicken account 100% in sync with the detail and balances of the brokerage account"

I agree there are workarounds for these issues, but I was just pointing out areas where users may need to make manual adjustments as you describe.

Also many mutual funds, particularly US stock index funds, pay qualified dividends. Often there is no way to know the percentage of dividends that are qualified until you receive the 1099 form after the end of the year. See this Idea post for more information

https://community.quicken.com/discussion/7859839/add-qualified-dividend-as-option-for-income-div-int-etc-and-income-reinvested-transactions

NotACPA

@Jim_Harman I don't own index funds either … so hadn't seen what you describe.

Jim_Harman

Further on the subject of Qualified dividends, entering a dividend with the _QualDivInc Category will not produce the correct result in the Tax Planner.

The Qualified Dividends line in the Tax Planner is connected to _QualDivInc, but entry on that line is supposed to be the the Qualified portion of your total taxable dividends entered on the Dividends line. This is the same way Qualified dividends are entered on your tax return.

[edited to clarify] The way I handle this is to record all dividends using the normal dividend entry forms, then estimate the total amount that will be Qualified and enter that directly on the Qualified Dividends line in the Tax Planner. My investments do not change significantly from year to year, so I estimate the qualified portion of my dividends by computing the percentage of the Ordinary Dividends that were Qualified on my prior year tax return and applying that to the projected dividends for the current year.

NotACPA

But there is no "Qualified" line in the Income dialog … so you're apparently calculating this manually and inputting it manually.

My method at least produces, in the Tax Reports, the summed value which I can use in TTAX.

And, I don't completely trust Q's Tax Planner because of issues such as this.

Jim_Harman

I edited my prior post to clarify my estimating process.

Where do you see the summed value in the tax reports?

I see the _DivInc and _QualDivInc amounts reported separately in the Tax Summary and Tax Schedule reports.

In the Schedule B report, the taxable dividends do not include the _QualDivInc, and the _QualDivInc amount is incorrectly reported as taxable interest

I am running R58.8.