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transfer in kind to a new brokerage, will I loose detailed transactions? RRS feed

  • Question

  • I am using Money 2006 Delux and I am going to do "a transfer in kind" from Schwab to Vanguard.

    The Schwab account is in my Portfolio.

    After the transfer is completed will I be able to also transfer all details of each individual stock that are now stored in MS Money?


    • Edited by guschwa Monday, January 28, 2013 7:06 PM
    Monday, January 28, 2013 7:03 PM

All replies

  • There is more than one way.  Here is how I would do it:

    Keep copies/backups at various points in case you want to undo
    something.

    What I would want to do is to ultimately rename the old account to
    match the new account, and change the other data also.  That is to
    say, I would not use Money's transfer out and transfer in function.
    This keeps the basis and acquisition dates easy to follow.  Others
    might make a different choice.

    The basic thing that will happen is that the old account will have
    an initial ACATS transfer out of each holding, and the new account
    will have a corresponding transfer in of each holding.  However the
    old account will continue to receive dividends for maybe a month or
    two.  Each week, there may be another ACATS transfer of any cash if
    some was paid.

    As soon as you see the ACATS transfers out of the old account, I
    would disable the account in question for online access.  If I saw
    those transactions downloaded, I would delete the statement (right
    click on AccountList where it says you have TransactionsToRead.

    Disable the account for online access.  Change the name and numbers
    on the account.  Set up the account for the new broker.

    Expect to receive a bunch of ACATS transfers in.  Void each, since
    you never transferred out the holdings.

    Keep checking back at the old account via web.  Hand enter any
    dividends and interest into the account.  When the proceeds
    transfer in, Void those too.

    A variation is to keep a copy of your file downloading from the old
    account.  That would serve to record transactions so you could
    refer to it.  But the old broker will keep your old account
    accessible by web for a good while, including long enough to be
    able to download 1099s for next tax season.

    Monday, January 28, 2013 9:57 PM
    Moderator
  • Thanks for the detailed response.

    If I understand right, I will import all data from Schwab into Money into the old Schwab account.

    Will the new Vanguard account be created by Money?

    Do I create the Vanguard account in Portfolio ?

    After I make the necessary corrections I just change the name, account number etc. of the Schwab account to correspond with the new Vanguard account and then all imports from Vanguard should end up in the old Schwab account?

    Tuesday, January 29, 2013 3:45 PM
  • Thanks for the detailed response.

    If I understand right, I will import all data from Schwab into Money into the old Schwab account.

    Will the new Vanguard account be created by Money?

    Do I create the Vanguard account in Portfolio ?

    After I make the necessary corrections I just change the name, account number etc. of the Schwab account to correspond with the new Vanguard account and then all imports from Vanguard should end up in the old Schwab account?

    You will have Vanguard take over the old Schawab account outside of Money. While creating a new Vanguard account in Money would work, I was not suggesting that you create a *new* account in Money. Instead I was suggesting that you at some point *rename* the existing Schwab account and change its financial institution.

    You will have to do some manual voiding of downloaded transactions in the account as Schwab transfers holdings in. From Money's point of view, the holdings never left. So the transfers in would duplicate holdings.

    There will be some dividends and interest that show up in the next month or two after the bulk of your holdings get transferred.

    The classic way to handle this (not the one that I suggested) is that you would do a Portfolio->RecordASpecialActivity->TransferAnAccount. The problem with that method is that some of the basis display is not right. Also the basis in the Portfolio view starts over. A third method  (also not the one that I suggested) is to transfer each holding. Similar problems. You could make copies of your Money file with different names, and try the different methods. In any case, remember to make copies of your Money file at various stages, and keep a list of what each copy represents.

    1.  Do you have both Schwab and Vanguard accounts in Money already?
    2. Are you downloading transacitions directly from them into Money still?
    3. What version of Money are you using?

    Tuesday, January 29, 2013 4:34 PM
    Moderator
  • yes, I do have Schwab and Vanguard accounts in Mony.

    I am using the "Money Sripts" program to download all activities into Money.

    I am using Money 2006 Deluxe.

    Wednesday, January 30, 2013 2:50 AM
  • One thought to add to Cal's excellent suggestions: If you don't have a lot of investments and activity, you could just rename the Schwab account " Vanguard" and manually enter dividend, buy, sell, etc. transactions until the transfers have finished.  Going forward you can limit the Vanguard downloads to the last 30 days or so to avoid having all the transfer transactions show up.

    Bill Becker

    Wednesday, January 30, 2013 5:04 AM
  • good idea, I didn't know, that Money would let me change the old account name (Schwab) to the new (Vanguard) and that all imports from then on go to the renamed account.

    Of course there is some manual work to be done temporarily

    Wednesday, January 30, 2013 3:39 PM
  • The Vanguard downloads won't automatically go to the renamed account.  Since you are downloading transactions for an account that is currently unknown to Money, Money will ask where to put them and you will need to specify the renamed account.

    Bill Becker

    Wednesday, January 30, 2013 4:02 PM
  • yes, I do have Schwab and Vanguard accounts in Mony.

    I am using the "Money Sripts" program to download all activities into Money.

    I am using Money 2006 Deluxe.

    Do you mean you are using the PocketSense scripts?

    Wednesday, January 30, 2013 4:35 PM
    Moderator
  • yes, I mean PocketSence scripts, sorry.
    Wednesday, January 30, 2013 6:41 PM
  • Cool. As you stop wanting to get the transactions from Schwab into the account you will rename, you will run setup (setup.py) in Pocketsense. In setup I think you will choose #3 to delete the Schwab account and #1 to add the Vangard account. Expect Money to ask what account should get the Vanguard data the first time that you do that.
    Wednesday, January 30, 2013 8:16 PM
    Moderator
  • Thanks, Cal, that makes things a lot easier. Sorry I didn't mention I was using 'Pocketsense', how can anybody live without?      gun 
    Wednesday, January 30, 2013 10:44 PM