How can you change the industry classification for stock?

Bill O'Neil

I must be missing something because there must be a way to change the industry classification since so many of them are wrong.

NotACPA

You can't change it. They're downloaded from Q's provider.

Which stock do you believe has the wrong classification? What's showing and what do you believe is correct?

Jim_Harman

You can use the security's Investing Goal, which is available on the Security Detail page, if you want, but then you would need to set a goal for each of your securities. Each security can only have one goal, not a mixture.

You can group (subtotal) the Portfolio views and several of the Investing reports by Investing Goal, but note that different FIs use different groupings.

Also if you are running Premier or higher, you can display but not print a graph by Morningstar's sectors using the Investing > Portfolio X-ray. The inability to print the X-Ray has been a bug since 2019.

This only includes publicly traded securities that are in Morningstar's database. For mutual funds and ETFs, it shows the allocation to each sector.

Please see and vote on this Idea post for more information on printing the X-Ray

https://community.quicken.com/discussion/7943571/print-portfolio-x-ray-report-2nd-attempt

NotACPA

But "Investing Goal" isn't the same as "Industry Classification", which the OP is complaining about

Bill O'Neil

I don’t trust the X Ray since it isn’t broken down by security and doesn’t match the Fidelity numbers on my accounts. You would think you could change the industry classification.

Jim_Harman

You would think you could change the industry classification.

You could create an Idea post requesting this as an enhancement. Quicken recently made a similar change related to Estimated income. Presumably this would only affect individual stocks and not mutual funds or ETFs, which would generally require the ability to specify a percentage mix of multiple industries.

q_lurker

I think it bears pointing out that the Morningstar-style Sectors are not the same nor intended to be the same as Quicken's assignments of Industry to a security. Morningstar (and my FI) use 11 or so sectors from Communication Services to Utilities (alphabetically). Quicken, in contrast, through its third party data supplier assigns about thirty Industries to securities (Aerospace & Defense to Utilities - Regulated Electric). As @Bill O'Neil notes, a significant number of securities may be blank for Industry, and the Industry names may be more inconsistent across various financial institutions.

All that being said, I am not convinced it would be greatly beneficial to allow user control of that assignment. The devil is in the details.