Changing Brokers

Posted by Elliott Alterman on August 20, 2009, 11:49 am

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My investment accounts have moved from one brokerage to another. I would like to
carry forward all transactions from the prior brokerage to the new one to
maintain a full transaction history.

What's the best way to do that in Q2008?

Thanks

Elliott

Posted by JimH on August 20, 2009, 1:32 pm

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Elliott Alterman wrote:

> My investment accounts have moved from one brokerage to another. I would

> like to carry forward all transactions from the prior brokerage to the

> new one to maintain a full transaction history.

> What's the best way to do that in Q2008?

> Thanks

> Elliott

The best way is to reflect what actually happened. Keep the old account.
Create a new one, then transfer the assets from the old one to the new
one. This is done by selecting "Enter Transactions", and selecting
"Shares transferred between accounts". You can then select "one
security" or "all securities". I did this last year with "all
securities", and it worked very well. It should keep your cost basis
correctly.

Once the assets are moved, go to the account list, and hide the old
account in the account bar. You will still have access to it, and it
will still be included in all reports, etc. It just will be grouped into
"Other Accounts" in the account bar.

Moving the transactions to the new account would not reflect the real
world, and would not correspond with your 1099 forms at the end of the
year. But, if you really want to do it, then Edit the account; delete
online access; change the account name and account number; add online
access to your new financial institution. The transactions will remain,
but the account will be renamed to reflect the new FI. I'd recommend
against it though, as it isn't what happened.

--
Jim

Posted by Elliott Alterman on August 20, 2009, 1:53 pm

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Thanks for the excellent input.

JimH wrote:

> Elliott Alterman wrote:

>> My investment accounts have moved from one brokerage to another. I

>> would like to carry forward all transactions from the prior brokerage

>> to the new one to maintain a full transaction history.

>> What's the best way to do that in Q2008?

>> Thanks

>> Elliott

> The best way is to reflect what actually happened. Keep the old account.

> Create a new one, then transfer the assets from the old one to the new

> one. This is done by selecting "Enter Transactions", and selecting

> "Shares transferred between accounts". You can then select "one

> security" or "all securities". I did this last year with "all

> securities", and it worked very well. It should keep your cost basis

> correctly.

> Once the assets are moved, go to the account list, and hide the old

> account in the account bar. You will still have access to it, and it

> will still be included in all reports, etc. It just will be grouped into

> "Other Accounts" in the account bar.

> Moving the transactions to the new account would not reflect the real

> world, and would not correspond with your 1099 forms at the end of the

> year. But, if you really want to do it, then Edit the account; delete

> online access; change the account name and account number; add online

> access to your new financial institution. The transactions will remain,

> but the account will be renamed to reflect the new FI. I'd recommend

> against it though, as it isn't what happened.

> --

> Jim