How do i transfer stock shares from brokerage#1 to brokerage #2

stgd

Both brokerage accts are taxable accts. What ever transaction detail is in #1 I want transferred to #2. Fidelity to Schwab

q_lurker

If everything is being transferred pretty much all at once, you might consider resetting the Quicken account to refer to and link to the new (Schwab) account. Simplified, Disable the current online access, change the FI to Schwab, and then create the new online link. You might need to manually sell and buy a few FI specific funds.

Keeping the two (new and old) accounts separate, I suggest you make use of the Enter transactions button in the old account and the Shares Transferred between Accounts. That will remove the current shares from the old account and add them lot-by-lot to the new account. All transaction history will be maintained in the correct account Future sales of those transferred assets can make proper use of their basis information. This should be done before those transfers are downloaded from the FIs.

Any cash transfers should be manually recorded.

NotACPA

Either reusing the account (if everything is being moved) or "Move shares" (if not everything) would work. I'd recommend reusing the account, unless you REALLY need to know performance by brokerage, since from your perspective it's really one account.

stgd

Yes i did find "Shares Transferred between Accounts" feature. It looks pretty straight forward, I hope it works. I download transactions regularly on both brokerages and I am only moving some, not all stocks from FI . I dont understand your first paragraph. Can I skip and go right to Shares Transferred between accounts? Thanks for the help. All shares are moving in kind. No cash involved

NotACPA

" I dont understand your first paragraph." That refers to the suggestion (if you were moving everything) of disconnecting the account from Fidelity and then connecting it to Schwab.

Since you're not moving all … that suggestion isn't appropriate.

Jim_Harman

Make sure the holdings in the old account are correct and up to date before making the move.

As always, back up your data file before changing historical transactions, in case something goes wrong.

stgd

Hello everyone who has responded….. regarding transfering of shares from fidelity to schwab…..I download all transactions from each brokerage regularly….so wouldnt downloading document the removal and addition of shares, just as well?

Jim_Harman

When shares are moved between accounts, the downloaded transactions will show the total number of shares transferred, but they do not generally maintain the tax lots or cost basis, so your tax and performance calculations will be incorrect unless you use the Shares Transferred function.

stgd

What you say makes sense, but when using the shares transferred function there isnt any record of the transfer in the transaction register, altho the share balances are correct. Am I missing something?

Jim_Harman

With the Shares Transferred, you should see one Removed transaction in the old account for each security that was moved, and one Added for each tax lot of each security in the new account. This might be a large number of transactions if you have been reinvesting dividends for a long time. If you edit the Added transactions, they should should show the cost and acquisition date of the corresponding lot.