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Lost Cost Basis when advisor changed companies

begoble

I am trying to use Quicken Deluxe better to track my investments in anticipation of moving away from my current advisor to a DIY approach. One issue I noticed is I lost my cost basis when he moved from Wells Fargo to Stifel back in 2021… They were initially recorded as shares removed from Wells and shares added to Stifel. No cost basis was captured. Sounds like what I should have done at the time was record as shared transferred transaction. I am trying to go back and update to reflect this. It gives me an error that not enough shares exist in the "from" account. Note - I have already closed the Wells account in quicken.

Any suggestions on how to reflect/force cost basis accurately?

Appreciate any suggestions.

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Comments

Tom Young

I believe to get this all straightened out you need to first make a backup, then delete all the Adds and Removes in both Accounts. At that point the old Account should show the proper number of shares (at the time) and cost basis. Then a "Shares Transferred" action should clean out the old Account and populate the new Account, correctly. I'd do the transfer one security at a time and specify "All" shares.

q_lurker

Fundamentally, I agree with the approach @Tom Young has suggested. But so much depends on the complexity of your holdings.

If you had only one lot of a security, it is somewhat simple to edit the Add Shares to include the acquisition date and cost of that one lot. If you have 100 such securities, not so easy.

If a security had multiple lots, you could replace the one Add Shares with multiple Add Shares. Again, once or twice easy enough. Reinvestments over several years, no thank you.

Also, following this correction, if it is important to you, you should review any Sells of those transferred securities to make sure they are correct. Supposing from your screenshot above, you sold 20 shares of MSFT from the Stifel account in 2022. As you now delete the Add Shares of those 114 shares into the account, Quicken is in no-mans-land as to what shares were sold. Then you add in corrected Add Shares. You want to make sure Quicken is properly showing the sale referred to some of those 114 shares. (Hope that is clear enough.) Your review is to make sure everything looks right. More important if you are still holding some of these transferred securities. Less important is they have already been sold off.

begoble

Thank you @Tom Young and @q_lurker I was able to do as you suggested, many I had to transfer via lots, which all look to have worked when I compare quicken to my brokerage. Appreciate your help!!