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How do I add a new/additional account to an existing brokerage/investment company?

Brewpounders

I have a 401k with Fidelity and have been downloading transactions for years and it has worked great. Recently I learned that Fidelity offers an option to link a new brokerage account, also with Fidelity, to my 401k plan which gives me more investment options than I was getting through my company. So I created a new Fidelity brokerage account that is "linked" to my existing 401k account and transferred some money to the new account.

Now when I download Fidelity transactions into Quicken I can see the withdrawals/transfers-out from my 401k account but no transactions into the new brokerage account. I was thinking maybe that's because I need to tell Quicken about the new/additional brokerage account. So I tried adding a new Fidelity account using my existing userid/password (I only have one Fidelity login for accessing both accounts) and Quicken gives me the error: "Sorry. We have encountered an error. (It's not your fault.)" I'm given two options, try again or enter transactions manually. I want to automate the downloads as I've done for years but trying again and again isn't working.

Any ideas from anyone?

Thank you,

Rich Eber

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Accepted answers

NotACPA

Actually, I misspoke (mis-wrote?) earlier. For a 401(k), the FI name should probably be "Fidelity NetBenefits". Give that a try.

But, I'm curious. Since when does an employee (presumably, you) get to pick the FI associated with their employer's 401(k) plan?

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NotACPA

When you do TOOLS, Account List … what shows as the "Financial Institution" for your 401(k)? If that column isn't shown, it can be added via the OPTIONS button at the bottom of the dialog.

For a taxable account (which I think you're asking about) the FI should be "Fidelity Investments"

Brewpounders

Yes, it shows "Fidelity Investments". On the chance it helps, when I log on to Fidelity to view my 401k it takes me to "https://workplaceservices.fidelity.com/…" but when I click on the linked brokerage account within that site it takes me to "https://digital.fidelity.com/…". I don't have to login again but it does take me to a different subdomain to see my info. Just sharing that info in case that's affecting the quicken downloads?

NotACPA

Actually, I misspoke (mis-wrote?) earlier. For a 401(k), the FI name should probably be "Fidelity NetBenefits". Give that a try.

But, I'm curious. Since when does an employee (presumably, you) get to pick the FI associated with their employer's 401(k) plan?

Brewpounders

You get the gold star. That worked. If I'm following correctly, the investments I've been downloading for years are stored at "Fidelity Investments" whereas my new brokerage transactions are stored at "Fidelity Netbenefits".

To answer the curiosity question, I haven't been able to pick my FI. I've been using Fidelity through my employer for 30+ years. Evidently employers can dictate what investment options are made available to their employees through Fidelity, as evidenced by the fact that my wife also uses Fidelity through a different employer and she has a different slate of investment options.

Lately I've been wanting to invest more conservatively due to my age but I didn't have a lot of options other than some bond funds. A couple of weeks ago I noticed a new investment option entitle "brokerage". I "invested" in that option which had the net effect of moving my money to the new brokerage account. At said brokerage account I have more investment options. Seems like a loophole around what investment options employers intend to provide but the option is there. As near as I can tell there are still limits in what I can invest in (an error pops up in Fidelity when I tried to buy a stock/ETF) but I was able to invest in a mutual fund not originally available to me.

Thanks again for the help.

Rich