The idiots at American Funds have no concept about how people track
their investments. My wife purchased four American Funds mutual funds
for each of our two grandchildren through Edward Jones. Future reinvestment
transactions will not be available through EJ because they are just "linked"
to the AF funds, and will only be reporting the totals. I will have to get
transactions from AF.
AF is set up to communicate with Quicken, HOWEVER, each mutual fund
must be setup as an individual account in Quicken. I can go to the AF website
and see all funds in an account, but I can't download transactions for all funds
into one Quicken account. That means eight separate accounts in Q. What
I've called AF and gotten the "we aren't set up that way" BS. I've asked to
speak to a VP in charge of all this, but of course, they're too busy backdating
their stock options to actually provide some customer "service".
It would be nice if I could combine the funds under one account in Quicken,
however it would be nicer if AF wasn't run by idiots.
I have a couple of MFS funds, originally purchased through Legg
Mason, and held at MFS. Legg Mason always reported the MFS
transactions, and included them in my downloads, though they
were a few days later than when they actually occurred at MFS.
Recently (possibly part of the Smith Barney takeover of Legg
Mason), the MFS funds are now, apparently, held at Smith Barney.
I still get my transactions just as before though.
I'm not sure, but I think both Legg Mason/Smith Barney and MFS
had to make some compromises to allow me to get my MFS
transactions seamlessly via Legg Mason/Smith Barney.
It turns out that I also have an American Funds mf also
purchased through Legg Mason. It too has been reported by, and
had its transactions downloaded successfully from, Legg
In the case of this fund, I do not think it was actually held at
American Funds though, because I do not recall getting a 1099
It does seem that there are other arrangements possible than the
one you got from Edward Jones and American Funds.
First initial underscore Last name at mchsi dot com
Well, you are the lucky one. Even though these funds have just been
opened up, Edward Jones only shows the transfer out, and not the
purchase transaction of the fund. So that side of the equation is no joy.
The problem is definitely on the idiot American Funds side. They have
tracking through Quicken, but only on an individual fund basis, not on an
acccount basis (ie multiple funds under one acct #).
And therefore the only way to track in Quicken is to set up an individual
account for each fund. Definitely idiotic.
yeah - there are some fund companies that track their funds as separate
Therefore, Quicken is forced to setup as SMF (single fund) vs multiple
I'm wrestling with the same issue with my T. Rowe funds - all separate
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
then the mutual fund accounts could be inserted into that higher
There have been similar msgs over in the Quicken website/forum for
but no update or solutions...
Weird - in that Fidelity & Vanguard accounts figured out the
to create an "investor" account, and insert the mutual funds into that
I don't believe this is quite true.
There is a difference between having to setup one Quicken
investment account for each mutual fund and having to setup one
Quicken Single Mutual Fund account for each mutual fund.
Can you confirm from documentation, or personal experience, that
your fi (or Quicken) required that you use Quicken Single Mutual
Fund accounts ... or is it just that you need a separate Quicken
investment account for each fund for some financial
First initial underscore Last name at mchsi dot com
Not sure I understand what you are getting at ?
With our T.Rowe portfolio -
each mutual fund @ TRP has an account number
that is NOT related to any account family or other accounts...
Therefore - within Quicken, there is no way to point at TRP
and say download this "family" of accounts.
Each mutual fund appears in a separate Quicken account,
and each account has only ONE sub-account for that mutual fund.
I can reset the Quicken field from SMF to MMF,
but Quicken won't allow me to add a TRP into that account
as it complains that each TRP account must be unique.
I can say it again, but I'm not sure I can get it any clearer.
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.
I am suggesting that I believe the only requirement is that
there be a separate Quicken account for each fund held at the
financial institution ... that the neither the financial
institution, nor Quicken, cares whether the Quicken account type
is "Brokerage" or "Single Mutual Fund".
There is good reason to consider this, as Single Mutual Fund
accounts have significant restrictions on the activities they
will permit. One example: you can not do a Corporate
Acquisition in a Single Mutual Fund account ... and a Corporate
Acquisition is the recommended method for handling certain
mutual fund actions where, say, "B" type fund shares are
"converted" to "A" type fund shares.
There have also been a few strange problems thought to be linked
to Single Mutual Fund accounts - sorry I do not recall them at
the moment; but the net effect of it all is that I, personally,
will never use a Single Mutual Fund account unless I am
absolutely required to do do.
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
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, Quicken won't let you and displays an error/warning
So - I don't see the logistics of how - with only having TRP funds - you
can get around this..
I NEVER suggested that you try to use, or re-use, one account
for multiple TRP funds.
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
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.
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.
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
It doesn't matter at the Quicken end...
There doesn't seem to be any way to fudge the downloading into a single
At this point there does not appear a way to do this for certain
It's the TRP end that needs a consolidated account like Fidelity or
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
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.
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