Holding Security Same Security at two different Brokerages (Best Method to Handle)

BRETTB
BRETTB Member ✭✭✭✭
edited March 29 in Investing (Windows)

After 15yrs to 20yrs of worth data/usage/history and know there was issue with security list (because of "Unidentified Security" - tied to a corrupt security list I believe), I'm in process of setting up and transferring data (MASSIVE JOB) into a new quicken clean file.

On my new clean file, what is the best method to avoid future issues on holding same security at two or more brokerages?

It seems from what I'm seeing is that I can get different cusip #s depending upon the brokerage, thus probably should have it add new security when this happens?

If I combine under one cusip from a broker and combined all same security symbols under one cusip (downloaded from brokerage) then if I no longer have it from the original created brokerage or security at that brokerage, then maybe it won't update properly on the same security held at other brokerages (history), etc.

Please provide your thoughts, I want to make sure I'm on the right path and wish to avoid future issues.

Thanks in Advance!!

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Comments

  • bmciance
    bmciance Quicken Windows Subscription SuperUser ✭✭✭✭✭

    I have the same securities (many of them) in both Schwab and Fidelity and it has never caused any issues in Quicken. I just add the security once and use it in all of my accounts (4 at Fidelity and 1 at Schwab)

    Quicken Windows user since 1993.

  • Tom Young
    Tom Young Quicken Windows Subscription SuperUser ✭✭✭✭✭

    "It seems from what I'm seeing is that I can get different cusip #s depending upon the brokerage, thus probably should have it add new security when this happens?"

    The CUSIP for a given security should be the same irrespective of the brokerage, so my guess is that the "same" security is actually two different securities. This would certainly be the case with a mutual fund that has different classes of the same security. One class might be the "Investor class" and another class might be the "Advisor class", but they will have the exact same name, with different Ticker symbols.

    Check to see if that's not the case.

  • BRETTB
    BRETTB Member ✭✭✭✭

    Thanks to you both.

    Yes I would think I would have the same CUSIP but I have notice different, thus I think safest for me probably if quicken does not recognize it, then let it add it. I do prefer to see out much of a security of both I have across different portfolios/different brokerages.

    I can probably see that with a quicken report.

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