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Subject Author Date
American Funds : Need to combine in Quicken Tivo'ed 10-23-2006
Posted by John Pollard on November 8, 2006, 10:01 am
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> ok - we're tripping over the abstract....
>
> real world - at TRP... each mutual fund is setup as an
> account.
> In our case, we don't have any other Brokerage account
> or umbrella account setup - just each individual mutual fund
> account.
> There are currently 7 funds setup in the portfolio.
>
> Now - working within Quicken to setup the account/s.
> On a test system, I can delete all the TRP accounts & start
> over.
> What should be the steps to setup these accounts ?
> Do the usual online steps..
> 1 - Click Add New Account
> 2 - Select TRP from financial institution list
> (TRP vs the TRP Brokerage vs the TRP Retirement)
> 3 - checkmark Online setup
> 4 - enter Cust ID & password for online access
> 5 - now the 7 accounts are listed by acct number with <Select
> an
> account>
>
> At this point you can only really select "Add a new account in
> Quicken".

> If you try to only setup 1 account, and then somehow re-use
> that account
> for mutiple funds,

I NEVER suggested that you try to use, or re-use, one account
for multiple TRP funds.

> Quicken won't let you and displays an error/warning
> message.
>
> So - I don't see the logistics of how - with only having TRP
> funds - you
> can get around this..

You are clearly making an assumption about what I suggested,
which I have done almost everything I could do to demonstrate
that I was not suggesting. I believe you have glossed over some
of the words I wrote, words which were important to the point I
have been trying to make.

At no point in this thread have I said, or have I suggested, or
have I implied that you could download more than one TRP
fund/account to the same Quicken account: all I have ever been
talking about is what TYPE of Quicken accounts you would
download to.

This will be my last attempt to make this point.

I am suggesting that you could have setup 7 (that's "seven")
Quicken "BROKERAGE" accounts to download each one of your TRP
fund/accounts to ... instead of 7 ("seven") Quicken SINGLE
MUTUAL FUND accounts. That would still have resulted in you
downloading each TRP fund/account to a SEPARATE Quicken account
(each TRP fund/account to it's very own Quicken account) ...
just a different Quicken account TYPE than you have now.



Posted by Charlie K on November 8, 2006, 11:37 am
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 John Pollard wrote:
>
> I am suggesting that you could have setup 7 (that's "seven")
> Quicken "BROKERAGE" accounts to download each one of your TRP
> fund/accounts to ... instead of 7 ("seven") Quicken SINGLE
> MUTUAL FUND accounts. That would still have resulted in you
> downloading each TRP fund/account to a SEPARATE Quicken account
> (each TRP fund/account to it's very own Quicken account) ...
> just a different Quicken account TYPE than you have now.

Ok. Let me try to add a comment based on personal experience. TR
Price converted me to a brokerage account years ago, I didn't object at
first. I could download all mutual funds into one account with the
brokerage account. Yes, that's a real brokerage where you can also buy
stocks. Then they wanted to start charging for services in the
brokerage account I didn't use so I said no and put me back in the
mutual fund side. Quicken and TR Price will let you have more than one
mutual fund in a mutual funds account, but only one will download. So I
had to set up separate mutual fund accounts in Quicken for each fund so
I could download each. I have mine set up as mutiple fund accounts
with only one actual fund in each.


Posted by Phil Schuman on November 8, 2006, 12:41 pm
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>I am suggesting that there should be no difference if you
>download each mutual fund to a separate Quicken "Brokerage"
>account, or if you download each mutual fund to a separate
>Quicken "Single Mutual Fund" account.

my comment was about setting up a T. Rowe Brokerage Account
actually at the company TRP -
which would then contain ALL investments including the mutual
funds...

> I am suggesting that you could have setup 7 (that's "seven")
> Quicken "BROKERAGE" accounts to download each one of your TRP
> fund/accounts to ... instead of 7 ("seven") Quicken SINGLE
> MUTUAL FUND accounts. That would still have resulted in your
> downloading each TRP fund/account to a SEPARATE Quicken account
> (each TRP fund/account to it's very own Quicken account) ...
> just a different Quicken account TYPE than you have now.
>
>
yes -
It doesn't matter at the Quicken end...
There doesn't seem to be any way to fudge the downloading into a single
account.
At this point there does not appear a way to do this for certain
companies
like T.Rowe.
It's the TRP end that needs a consolidated account like Fidelity or
Vanguard.



Posted by Tivo'ed on November 12, 2006, 6:22 pm
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Well, I called AmericanFunds, and complained vehemently about the
setup of individual funds into individual accounts in Quicken. All I got
from the first level support is "why" they are set up that way. I stated
their reasoning was ridiculous and asked to speak to a supervisor.
When I was told the same crazy reasoning, I asked to speak to the
vice president in charge of their IT.

After about a week, I finally was able to speak to a VP over the phone
and told her how stupid their setup was, and what a lack of customer
service they provided. I was not very pleasant to any of them, and
would not take no for an answer, or any reasoning for an excuse. My
only question was "WHEN WILL THIS BE FIXED!!!"

By way of explanation to you, the reason they gave me is that their
records are actually processed by a third party that has the transaction
data on their systems, and does the Quicken transaction downloads.
When you connect to AF's website and see all your funds on one page,
that is just a summary page they create on their own. They do not keep
transactions.

The VP told me she was having a meeting with the third party provider
to discuss this very problem. They had a solution where they could
combine up to 6 funds, but I told her that even though I only had four
in an account, this type of solution was just a bandaid, and not acceptable.
She called me back this week to say that she had good news, but
we were unable to connect, so I'm not sure what that means.

I'm not sure if they will ever resolve this to my satisfaction, but one thing
is for sure, I'm fed up with telephone support, and I'm not going to take
it any more.



> yeah - there are some fund companies that track their funds as separate
> accounts.
> Therefore, Quicken is forced to setup as SMF (single fund) vs multiple
> funds.
>
> I'm wrestling with the same issue with my T. Rowe funds - all separate
> accounts.
> even with an overall "investor account number"
> they can't seem to get past the single fund --> single account
>
> I would suspect if you open a higher level account - like an overall
> brokerage account,
> then the mutual fund accounts could be inserted into that higher
> account.
> There have been similar msgs over in the Quicken website/forum for
> years,
> but no update or solutions...
>
> Weird - in that Fidelity & Vanguard accounts figured out the
> logistics....
> to create an "investor" account, and insert the mutual funds into that
> account.
>
>



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