Changing Brokers

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

If you are transferring the whole account, I just rename the account and enter a reference into Account Detail Comments. Something like "Up to 7/29/2002 this acccount was held at Morgan Stanley Online Account Number: xxx-xxxxx. Effective that date, Harrisdirect took over administration of this IRA. Account Number: yyy-yyyyyy. Effective 1/11/2005 E*Trade and Harrisdirect merged." Besure to disable your online features with your old broker and activate them for your new broker. Oilcan

You could also use the Quicken investment "Reminder" transaction to indicate the date when the name changed.

Thanks for the suggestion

John Pollard wrote: