Add automatic brokerage account connection for Wealthfront

Would be great to be able to add investment accounts from Wealthfront. Puzzling because this connection is available in Mint. 
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  • NotACPANotACPA SuperUser ✭✭✭✭✭
    edited October 2018
    Wealthfront needs to do that themselves ... by signing the contract with Q to become a "Participating Financial Institution".

    Q can't force them to sign the contract.  SO, complain to Wealthfront.

    And, what Mint can do has no bearing whatsoever on what Q can do ... and vice versa.
    Q user since DOS version 5
    Now running Quicken Windows Subscription,  Home & Business
    Retired "Certified Information Systems Auditor" & Bank Audit VP
  • cam.matthewscam.matthews Member
    edited April 2017

    Wealthfront needs to do that themselves ... by signing the contract with Q to become a "Participating Financial Institution".

    Q can't force them to sign the contract.  SO, complain to Wealthfront.

    And, what Mint can do has no bearing whatsoever on what Q can do ... and vice versa.

    I appreciate you taking the time to reply. Doubt this was intentional, but it does come off kinda condescending... not a very welcoming feeling for a new user like myself. Anyway, if your comments are true, seems there is some passing the buck between Wealthfront and Quicken. I had checked with Wealthfront and they say to "contact services directly to request support for Wealthfront." Would like to see Quicken reach out on our behalf to make something happen. I didn't see any mention of Wealthfront anywhere on Community, so thought I'd raise the issue.

    I brought up Mint as puzzling because they are presumably using the same API/third party and it's also an Intuit service, so it seems strange they wouldn't just have a standard set of participating financial institutions. I understand they are siloed entities, but seems like some basic info sharing would be beneficial, right? I don't know, I'm sure these relationships are complicated and there's more than meets the eye behind the scenes.
  • gmalis1gmalis1 Member
    edited April 2017

    Wealthfront needs to do that themselves ... by signing the contract with Q to become a "Participating Financial Institution".

    Q can't force them to sign the contract.  SO, complain to Wealthfront.

    And, what Mint can do has no bearing whatsoever on what Q can do ... and vice versa.

    Cam...Intuit sold Quicken over a year ago...so they have zero to do with Quicken anymore.

    Even when Intuit DID own Mint and Quicken, the relationship on what gets downloaded into either is independent of each other.

    For example, I have numerous IRA/401K annuity accounts that I could never download into Quicken.  NEVER!

    Mint, on the other hand, has no problem downloading those transactions and information.  As a matter of fact, not only can I download them, I can download them from two sites...the actual financial institution and an aggregator site I can access setup through my financial advisor.  Either connection works.
  • ConcordmanConcordman Member ✭✭✭✭
    edited October 2018
    It would be interesting to learn if Wealth Front supports Quicken Windows, some Fi's do not want to support both QM & QW, when this happens they just pass the buck.
  • NotACPANotACPA SuperUser ✭✭✭✭✭
    edited April 2017

    It would be interesting to learn if Wealth Front supports Quicken Windows, some Fi's do not want to support both QM & QW, when this happens they just pass the buck.

    WealthFront isn't in the FIDIR.TXT file for QWin.
    Q user since DOS version 5
    Now running Quicken Windows Subscription,  Home & Business
    Retired "Certified Information Systems Auditor" & Bank Audit VP
  • ConcordmanConcordman Member ✭✭✭✭
    edited April 2017

    It would be interesting to learn if Wealth Front supports Quicken Windows, some Fi's do not want to support both QM & QW, when this happens they just pass the buck.

    If thats the case don't see these folks signing up with Quicken in the near future
  • NotACPANotACPA SuperUser ✭✭✭✭✭
    edited April 2017

    It would be interesting to learn if Wealth Front supports Quicken Windows, some Fi's do not want to support both QM & QW, when this happens they just pass the buck.

    @Concordman, that statement MAKES NO SENSE.  It's by signing the contract that an FI gets added to FIDIR.TXT
    Q user since DOS version 5
    Now running Quicken Windows Subscription,  Home & Business
    Retired "Certified Information Systems Auditor" & Bank Audit VP
  • ConcordmanConcordman Member ✭✭✭✭
    edited April 2017

    It would be interesting to learn if Wealth Front supports Quicken Windows, some Fi's do not want to support both QM & QW, when this happens they just pass the buck.

    Right so if they are not on the FIDIR.TXT they are not set up to download into Quicken..right?
  • gmalis1gmalis1 Member
    edited April 2017

    It would be interesting to learn if Wealth Front supports Quicken Windows, some Fi's do not want to support both QM & QW, when this happens they just pass the buck.

    That is correct.  The fidir.txt file lists EVERY participating financial institution and the method(s) of download into Quicken.  
  • ConcordmanConcordman Member ✭✭✭✭
    edited April 2017

    It would be interesting to learn if Wealth Front supports Quicken Windows, some Fi's do not want to support both QM & QW, when this happens they just pass the buck.

    Is the fidir.txt also applicable to QM?
  • cam.matthewscam.matthews Member
    edited April 2017

    Wealthfront needs to do that themselves ... by signing the contract with Q to become a "Participating Financial Institution".

    Q can't force them to sign the contract.  SO, complain to Wealthfront.

    And, what Mint can do has no bearing whatsoever on what Q can do ... and vice versa.

    Re: the Quicken spin out, that's what I thought I had read, but then Quicken still allows sign up with Intuit un/pw, a tight integration with TurboTax, and other legacy integrations and co-branding, so they do still have some kind of ongoing business/technology relationship. Sounds like participating financial institute lists were never part of that even when they were both under Intuit, so no carry-over.

    I understand there are various account types that aren't supported by Quicken. That's the point of my post, I'd like to see that change, and Wealthfront in particular is a priority for me. But I don't quite get your comment, are you saying that because it and other accounts like it have never been supported by Quicken in the past, that it should stay that way?
  • NotACPANotACPA SuperUser ✭✭✭✭✭
    edited April 2017

    Wealthfront needs to do that themselves ... by signing the contract with Q to become a "Participating Financial Institution".

    Q can't force them to sign the contract.  SO, complain to Wealthfront.

    And, what Mint can do has no bearing whatsoever on what Q can do ... and vice versa.

    No, he's saying that the FI's, in their sole decision making ability, decide IF they're going to support Q, in what manner they're going to support Q and on what platform they're going to support Q.

    Gmalis1, apparently, has some accounts with an FI that has chosen to not support Q.
    If I were him, I'd move those accounts to another FI (assuming that such is possible).
    Q user since DOS version 5
    Now running Quicken Windows Subscription,  Home & Business
    Retired "Certified Information Systems Auditor" & Bank Audit VP
  • Quicken TamaraQuicken Tamara Member, Employee ✭✭✭✭
    edited April 2017

    It would be interesting to learn if Wealth Front supports Quicken Windows, some Fi's do not want to support both QM & QW, when this happens they just pass the buck.

    Yes, every product has an FIDir.txt specific to that product version.

    Just an FYI, I checked their site an FAQ that says our mutual customers can download a file for Quicken or Microsoft Money (!), but I cannot confirm what that file type is because I don't have an account with them.

    If they're providing a QIF, Quicken won't be able to import that data due to unsupported/outdated file type.

    If they're providing an OFX or QFX, Quicken wouldn't be able to import that data unless they're providing the FID + ORG for an FI that is on the FIDir.txt for the product version.

    Also, just an FYI, the reason that the FI/SP dictates what product(s) they will and will not support is they have to know what Client(s) will be connecting to their servers. Client = program/product/app; Quicken in our example here, which has 3 unique Client names as of today (4/24/17) and 30 unique Client versions. If they didn't know who/what is connecting to their servers, their security would be mighty lax.
  • cam.matthewscam.matthews Member
    edited April 2017

    Wealthfront needs to do that themselves ... by signing the contract with Q to become a "Participating Financial Institution".

    Q can't force them to sign the contract.  SO, complain to Wealthfront.

    And, what Mint can do has no bearing whatsoever on what Q can do ... and vice versa.

    Sole decision making ability? That doesn't add up. I ask Wealthfront about feeds into Q, they say to ask Q. Both parties undoubtedly have APIs, I assume when they integrate a new FI they read through the documentation, negotiate on terms, and implement the feed. Pretty standard. Or they're using a third party it's even more straight forward. Quicken either A) doesn't know about Wealthfront and these other FIs (unlikely), B) doesn't see enough demand to bother with the integration, or C) can't agree on terms. In any of those scenarios Q has some authority to make something happen if they wanted to. I would like them to, hence the post. Switching FIs is a total tail wagging the dog to me.
  • cam.matthewscam.matthews Member
    edited April 2017

    It would be interesting to learn if Wealth Front supports Quicken Windows, some Fi's do not want to support both QM & QW, when this happens they just pass the buck.

    Yes, it's a .QFX file.

    I completely understand that the FI/SP has ultimate decision making power in who gets to access their API, but clearly these are solved issues with other FI/SPs (and also solved issues Wealthfront to other Clients). I'm raising the issue because I want Wealthfront to be considered and it seems like Quicken could take that initiative.
  • NotACPANotACPA SuperUser ✭✭✭✭✭
    edited April 2017

    It would be interesting to learn if Wealth Front supports Quicken Windows, some Fi's do not want to support both QM & QW, when this happens they just pass the buck.

    "I want Wealthfront to be considered "  BY WHOM???

    It's WealthFront's decision as to whether they want to connect to Quicken ... NOT Q's.
    Q user since DOS version 5
    Now running Quicken Windows Subscription,  Home & Business
    Retired "Certified Information Systems Auditor" & Bank Audit VP
  • cam.matthewscam.matthews Member
    edited April 2017

    It would be interesting to learn if Wealth Front supports Quicken Windows, some Fi's do not want to support both QM & QW, when this happens they just pass the buck.

    By the Quicken product team, of course. Why are you yelling? And why are you so protective of Quicken? You don't think someone from Q can send an email to someone from Wealthfront and say, "Hey, let's talk about how we make this integration happen, our customers are asking for it"? (For what it's worth, I've also contacted Wealthfront and asked them the same thing, this is a two-way street). Maybe I'm the only person asking for Wealthfront integration and so it isn't a priority, and that's fine too. But that's the point of this forum, right? Man, I just don't understand the point of your comments here, not helpful.
  • NotACPANotACPA SuperUser ✭✭✭✭✭
    edited April 2017

    It would be interesting to learn if Wealth Front supports Quicken Windows, some Fi's do not want to support both QM & QW, when this happens they just pass the buck.

    Why are you so dense that you can't accept that it's WealthFront's choice ... for anything remotely approaching the foreseeable future?

    And, I'm not defending Quicken.  I'm defending reality from your obtuseness.
    Q user since DOS version 5
    Now running Quicken Windows Subscription,  Home & Business
    Retired "Certified Information Systems Auditor" & Bank Audit VP
  • cam.matthewscam.matthews Member
    edited April 2017

    It would be interesting to learn if Wealth Front supports Quicken Windows, some Fi's do not want to support both QM & QW, when this happens they just pass the buck.

    Cool, keep fighting the good fight.
  • Quicken TamaraQuicken Tamara Member, Employee ✭✭✭✭
    edited April 2017

    It would be interesting to learn if Wealth Front supports Quicken Windows, some Fi's do not want to support both QM & QW, when this happens they just pass the buck.

    @cam.matthews - we are still using Intuit as our service provider for financial services. They would be the team we contact when requesting a new FI added to their services. They would then send a salesperson that request.

    We have done this several times over the past year and have been advised that the FI/SP does not wish to engage in allowing Quicken to connect to their servers.

    Without customers contacting the FI to make this request, we have no other way to help them see the impact of their decision, as they will not entertain discussions from our support personnel - only their customers.

    Hope this information helps.
  • cam.matthewscam.matthews Member
    edited April 2017

    It would be interesting to learn if Wealth Front supports Quicken Windows, some Fi's do not want to support both QM & QW, when this happens they just pass the buck.

    @Tamara, thank you, yes it is helpful. Seems like there are some wires crossed somewhere. Is Wealthfront not being completely forthcoming with me? Their response to my question was to contact Q. And they do seem to think that their .QFX file will work with Quicken (my account page even has an "Export to Quicken®" link), although I've tested that import and it clearly doesn't work, just as you described. Error message says in Q is "This FI is innactive." So I guess I'll wait to hear back from Wealthfront again. This all seems pretty odd.
  • gmalis1gmalis1 Member
    edited April 2017

    It would be interesting to learn if Wealth Front supports Quicken Windows, some Fi's do not want to support both QM & QW, when this happens they just pass the buck.

    Cam...the vast opinion on this forum is that when talking to anyone at a financial institution, the "standard" answer is "it's Quicken's fault".

    First off, that ends the conversation dead in it's tracks because it means it's out of their hands.  Second, almost every person who works at any financial institution has ZERO clue how or if they connect to Quicken.

    So, it's just easier to say it's Quicken's fault.  And to be honest, even as one of the biggest critics of Quicken, it's rarely Quicken's fault.  
  • cam.matthewscam.matthews Member
    edited April 2017

    It would be interesting to learn if Wealth Front supports Quicken Windows, some Fi's do not want to support both QM & QW, when this happens they just pass the buck.

    Interesting, thanks for the context. It is interesting as well that Intuit is still the service provider for these FI connections. Have to wonder if there's some signal loss going through them to make these requests. I wonder how much they've considered switching to Yodlee or another aggregator/provider. May not resolve this particular issue, but curious anyway.
  • mistertheplaguemistertheplague Member ✭✭
    edited October 2018
    @cam: If I may, allow me to be your NotACPA-English translator: Quicken Inc. is perfectly willing -- they will bend over backwards, in fact -- to cash any financial institution's check, without fear or favor. All that financial institution has to do is be willing to write it. 

    The issue isn't complicated. Quicken Inc. (and Intuit before them) charges financial institutions for their customers' data to be aggregated into Quicken; certain web-based PFMs like Mint and Personal Capital don't. In fact, Quicken invoices FIs separately to allow customers' data to be downloaded into Quicken for Windows and/or Quicken for Mac. Quicken's proprietary QFX file is little more than an OFX file that phones home to ensure the FI in question is on Quicken's accounts-current list. 

    You can't aggregate your Wealthfront account in Quicken because Wealthfront doesn't want to pay Quicken to permit you to do so. They also don't want to tell you that, so they present you with a fugazi QFX file they know won't work and mutter some vague excuses.

    Quicken Inc., on the other hand, wants you to think it's a technical issue, that some FIs are just inexplicably, mysteriously -- and yes, regretfully -- resistant to having alien nodes connect to their servers. They don't want to tell you that Wealthfront doesn't want to pay them because you might start asking why Wealthfront has to pay them when you're paying them.

    Technical challenges to an FI-Quicken round trip without question exist. But all of these people are professionals. They work in fintech for a living.

    You want to know why you can't download your Wealthfront account into Quicken? Simple. As the noted philosopher P. Diddy said, it's all about the Benjamins. 
  • gmalis1gmalis1 Member
    edited April 2017

    @cam: If I may, allow me to be your NotACPA-English translator: Quicken Inc. is perfectly willing -- they will bend over backwards, in fact -- to cash any financial institution's check, without fear or favor. All that financial institution has to do is be willing to write it. 

    The issue isn't complicated. Quicken Inc. (and Intuit before them) charges financial institutions for their customers' data to be aggregated into Quicken; certain web-based PFMs like Mint and Personal Capital don't. In fact, Quicken invoices FIs separately to allow customers' data to be downloaded into Quicken for Windows and/or Quicken for Mac. Quicken's proprietary QFX file is little more than an OFX file that phones home to ensure the FI in question is on Quicken's accounts-current list. 

    You can't aggregate your Wealthfront account in Quicken because Wealthfront doesn't want to pay Quicken to permit you to do so. They also don't want to tell you that, so they present you with a fugazi QFX file they know won't work and mutter some vague excuses.

    Quicken Inc., on the other hand, wants you to think it's a technical issue, that some FIs are just inexplicably, mysteriously -- and yes, regretfully -- resistant to having alien nodes connect to their servers. They don't want to tell you that Wealthfront doesn't want to pay them because you might start asking why Wealthfront has to pay them when you're paying them.

    Technical challenges to an FI-Quicken round trip without question exist. But all of these people are professionals. They work in fintech for a living.

    You want to know why you can't download your Wealthfront account into Quicken? Simple. As the noted philosopher P. Diddy said, it's all about the Benjamins. 

    As the noted philosopher P. Diddy said, it's all about the Benjamins. 

    P. Diddy and Aristotle...there's a pair.  LOL!
  • cam.matthewscam.matthews Member
    edited April 2017

    @cam: If I may, allow me to be your NotACPA-English translator: Quicken Inc. is perfectly willing -- they will bend over backwards, in fact -- to cash any financial institution's check, without fear or favor. All that financial institution has to do is be willing to write it. 

    The issue isn't complicated. Quicken Inc. (and Intuit before them) charges financial institutions for their customers' data to be aggregated into Quicken; certain web-based PFMs like Mint and Personal Capital don't. In fact, Quicken invoices FIs separately to allow customers' data to be downloaded into Quicken for Windows and/or Quicken for Mac. Quicken's proprietary QFX file is little more than an OFX file that phones home to ensure the FI in question is on Quicken's accounts-current list. 

    You can't aggregate your Wealthfront account in Quicken because Wealthfront doesn't want to pay Quicken to permit you to do so. They also don't want to tell you that, so they present you with a fugazi QFX file they know won't work and mutter some vague excuses.

    Quicken Inc., on the other hand, wants you to think it's a technical issue, that some FIs are just inexplicably, mysteriously -- and yes, regretfully -- resistant to having alien nodes connect to their servers. They don't want to tell you that Wealthfront doesn't want to pay them because you might start asking why Wealthfront has to pay them when you're paying them.

    Technical challenges to an FI-Quicken round trip without question exist. But all of these people are professionals. They work in fintech for a living.

    You want to know why you can't download your Wealthfront account into Quicken? Simple. As the noted philosopher P. Diddy said, it's all about the Benjamins. 

    Thanks, this makes a lot of sense, although as I said in a previous comment it seems like the tail wagging the dog. This is more off-topic, but where is Q's leverage to demand fees from FIs coming from? Just their incumbency? Are people really willing to switch FIs just to get a Quicken feed? Granted I'm new to Q so I don't know the full potential of how awesome and unique it may be, but that just seems crazy.
  • gmalis1gmalis1 Member
    edited April 2017

    @cam: If I may, allow me to be your NotACPA-English translator: Quicken Inc. is perfectly willing -- they will bend over backwards, in fact -- to cash any financial institution's check, without fear or favor. All that financial institution has to do is be willing to write it. 

    The issue isn't complicated. Quicken Inc. (and Intuit before them) charges financial institutions for their customers' data to be aggregated into Quicken; certain web-based PFMs like Mint and Personal Capital don't. In fact, Quicken invoices FIs separately to allow customers' data to be downloaded into Quicken for Windows and/or Quicken for Mac. Quicken's proprietary QFX file is little more than an OFX file that phones home to ensure the FI in question is on Quicken's accounts-current list. 

    You can't aggregate your Wealthfront account in Quicken because Wealthfront doesn't want to pay Quicken to permit you to do so. They also don't want to tell you that, so they present you with a fugazi QFX file they know won't work and mutter some vague excuses.

    Quicken Inc., on the other hand, wants you to think it's a technical issue, that some FIs are just inexplicably, mysteriously -- and yes, regretfully -- resistant to having alien nodes connect to their servers. They don't want to tell you that Wealthfront doesn't want to pay them because you might start asking why Wealthfront has to pay them when you're paying them.

    Technical challenges to an FI-Quicken round trip without question exist. But all of these people are professionals. They work in fintech for a living.

    You want to know why you can't download your Wealthfront account into Quicken? Simple. As the noted philosopher P. Diddy said, it's all about the Benjamins. 

    Well, I think one of the points you are missing is that NO financial software can be everything for everyone.  Each software has it's warts and deficiencies.  

    Quicken can't make anyone sign up to become a participating financial institution.  You can put pressure on your FI by calling them, emailing them, writing letters to them expressing your displeasure on their unwillingness to partner correctly with Quicken.

    But ultimately, the decision is the financial institution's.  

    And yes, people do switch FI's because they find not being able to download transactions into Quicken is a deal breaker for them.  Especially with banks and credit card companies, there are so many options around that if I was having an extended problem getting my transactions into Quicken by some means other than entering them manually, I would be gone in a flash.

    Some of my investments, however, are a different story.  First off, the investments I chose are not run of the mill mainstream...so I wouldn't expect Quicken to cater to my needs.  Some of these are annuities, which are difficult for Quicken to track and they use unit prices rather than standard share prices.  Even I wouldn't expect Quicken to handle that (but of course, Mint manages them perfectly).

    Transactions in those accounts only occur quarterly or annually, for the most part.  So I'm okay doing a little manual work.

    But I think it's really unrealistic of you or anyone to think Quicken could or should download to every FI known to mankind.  And that would be my same attitude whether it's Mint, or Moneydance, or Banktivitity or Ace Money or even Microsoft Money.  To me, downloading transactions and info is a convenience...it's not something that should just be expected.

    But I've been a Quicken user for a very, very long time (since the mid 1980's) and I do remember the days when all transactions were entered manually. 

    And somehow, we all survived just fine.  
  • Quicken TamaraQuicken Tamara Member, Employee ✭✭✭✭
    edited April 2017

    @cam: If I may, allow me to be your NotACPA-English translator: Quicken Inc. is perfectly willing -- they will bend over backwards, in fact -- to cash any financial institution's check, without fear or favor. All that financial institution has to do is be willing to write it. 

    The issue isn't complicated. Quicken Inc. (and Intuit before them) charges financial institutions for their customers' data to be aggregated into Quicken; certain web-based PFMs like Mint and Personal Capital don't. In fact, Quicken invoices FIs separately to allow customers' data to be downloaded into Quicken for Windows and/or Quicken for Mac. Quicken's proprietary QFX file is little more than an OFX file that phones home to ensure the FI in question is on Quicken's accounts-current list. 

    You can't aggregate your Wealthfront account in Quicken because Wealthfront doesn't want to pay Quicken to permit you to do so. They also don't want to tell you that, so they present you with a fugazi QFX file they know won't work and mutter some vague excuses.

    Quicken Inc., on the other hand, wants you to think it's a technical issue, that some FIs are just inexplicably, mysteriously -- and yes, regretfully -- resistant to having alien nodes connect to their servers. They don't want to tell you that Wealthfront doesn't want to pay them because you might start asking why Wealthfront has to pay them when you're paying them.

    Technical challenges to an FI-Quicken round trip without question exist. But all of these people are professionals. They work in fintech for a living.

    You want to know why you can't download your Wealthfront account into Quicken? Simple. As the noted philosopher P. Diddy said, it's all about the Benjamins. 

    Quicken Inc. does not demand/leverage any payment from any FI for connecting to Quicken. All contractual obligations are through Intuit Financial Services.

    Mint, as part of Intuit, does charge the FI's...as part of the same Intuit Financial Services branding & profile setup.

    The contracts (and payments) are for Direct Connect, and for allowing branding & badging -- those big Wells Fargo splash screens are an example of this branding/badging.

    The FI list has thousands of FI's that are not Direct Connect, and do not have any contract with IFS for branding. EWC/QC can be accomplished without that contract and fee.

    Investing accounts cannot be connected by EWC/QC because of the difficulty of mapping the complex data in a manner that prevents duplicate data and improper calculations. Unlike Mint, which does not allow manual investment account entry or linked accounts.
  • smayer97smayer97 SuperUser ✭✭✭✭✭
    edited April 2017

    @cam: If I may, allow me to be your NotACPA-English translator: Quicken Inc. is perfectly willing -- they will bend over backwards, in fact -- to cash any financial institution's check, without fear or favor. All that financial institution has to do is be willing to write it. 

    The issue isn't complicated. Quicken Inc. (and Intuit before them) charges financial institutions for their customers' data to be aggregated into Quicken; certain web-based PFMs like Mint and Personal Capital don't. In fact, Quicken invoices FIs separately to allow customers' data to be downloaded into Quicken for Windows and/or Quicken for Mac. Quicken's proprietary QFX file is little more than an OFX file that phones home to ensure the FI in question is on Quicken's accounts-current list. 

    You can't aggregate your Wealthfront account in Quicken because Wealthfront doesn't want to pay Quicken to permit you to do so. They also don't want to tell you that, so they present you with a fugazi QFX file they know won't work and mutter some vague excuses.

    Quicken Inc., on the other hand, wants you to think it's a technical issue, that some FIs are just inexplicably, mysteriously -- and yes, regretfully -- resistant to having alien nodes connect to their servers. They don't want to tell you that Wealthfront doesn't want to pay them because you might start asking why Wealthfront has to pay them when you're paying them.

    Technical challenges to an FI-Quicken round trip without question exist. But all of these people are professionals. They work in fintech for a living.

    You want to know why you can't download your Wealthfront account into Quicken? Simple. As the noted philosopher P. Diddy said, it's all about the Benjamins. 

    So it is understood that it is Intuit and not Quicken that manages these relationships. But if contracts/payments are only for Direct Connect and branding/badging, and EWC/QC can be implemented with no charge to the FI/bank for non-investment accounts, then why are not all the FIs/Banks that offer QFX downloading allowed to load into Quicken?

    If you find this reply helpful, please be sure to click "Like", so others will know, thanks.

    (Canadian  user since '92, STILL using QM2007)

    Have Questions? Check out these FAQs:
  • cam.matthewscam.matthews Member
    edited April 2017

    @cam: If I may, allow me to be your NotACPA-English translator: Quicken Inc. is perfectly willing -- they will bend over backwards, in fact -- to cash any financial institution's check, without fear or favor. All that financial institution has to do is be willing to write it. 

    The issue isn't complicated. Quicken Inc. (and Intuit before them) charges financial institutions for their customers' data to be aggregated into Quicken; certain web-based PFMs like Mint and Personal Capital don't. In fact, Quicken invoices FIs separately to allow customers' data to be downloaded into Quicken for Windows and/or Quicken for Mac. Quicken's proprietary QFX file is little more than an OFX file that phones home to ensure the FI in question is on Quicken's accounts-current list. 

    You can't aggregate your Wealthfront account in Quicken because Wealthfront doesn't want to pay Quicken to permit you to do so. They also don't want to tell you that, so they present you with a fugazi QFX file they know won't work and mutter some vague excuses.

    Quicken Inc., on the other hand, wants you to think it's a technical issue, that some FIs are just inexplicably, mysteriously -- and yes, regretfully -- resistant to having alien nodes connect to their servers. They don't want to tell you that Wealthfront doesn't want to pay them because you might start asking why Wealthfront has to pay them when you're paying them.

    Technical challenges to an FI-Quicken round trip without question exist. But all of these people are professionals. They work in fintech for a living.

    You want to know why you can't download your Wealthfront account into Quicken? Simple. As the noted philosopher P. Diddy said, it's all about the Benjamins. 

    @gmalis maybe so. I agree credit cards and personal banking are largely commoditized, I can see some people switching there. Not so much for investment accounts. For me, I would probably sooner switch PFMs, especially right now when I don't have a lot of time invested in a single system. Which gets to your other point, no single financial software is the be-all-end-all for everyone. I guess I'll wait to see how this shakes out to see if Q is for me. I'd like to find something I'm going to be comfortable using for 20+ years, that sounds nice.

    @Tamara, do you know if IFS charges the FIs different rates for Direct Connect to different entities (e.g. Quicken vs. Mint)? Perhaps in the case where one has 30 Client versions vs. one that has only 2 or 3?

    and I'm also interested in the answer to @smayer's question about .QFX import. Is this also because of the "difficulty of mapping the complex data in a manner that prevents duplicate data and improper calculations"?

    I do appreciate all the responses.
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