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Switching financial advisors

Vincent Iamunno

I recently moved my IRA, Roth and Non-Qual accounts from Wells to Schwab. As assets began to show up in Schwab from downloads, I now have duplicate assets showing both WF and Schwab. For example, I have double the shares, CDs, bonds, etc. I know I can stop WF down;lads, but there’s nothing left to download anyway. How do I get my IRA, Roth and Non-Qual to show zero assets without deleting all the data from inception to the date all assets transferred. Hope this makes sense.

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Jon

The best way to handle it would be to enter transactions transferring the contents of the WF accounts to the Schwab accounts. Exactly how to do that would depend on if you're using Quicken WIndows or Quicken Mac, and whether the account assets were transferred in kind or as cash.

Vincent Iamunno

I’m using Q for Windows and all assets transferred in kind. Schwab accounts were set up by my finance guy and all assets already show up identically as WF assets before the automatic transfer. Essentially, the WF assets transferred at the financial institution level, but on the Quicken level, nothing happened to the WF assets. I’m stuck at this point. Help!

Vincent Iamunno

…and thanks for the reply

mshiggins

@Vincent Iamunno please see the FAQ post for this topic:

https://community.quicken.com/discussion/7930273/faq-changing-brokerages

jtfennig

A third, and less desirable option in my opinion, would be just to hide all the old WF accounts. Go to the account register(s), click the gear in the top right and click Edit account details. Click on the Display Options tab and check all the boxes. I think this would result in the balances in the WF accounts to not show up in any reports or graphs, etc. as if the accounts didn't exist. Hopefully, someone else will chime in if I'm wrong.