Consolidating New and Existing Holdings

[B2B_Investing]

Hi Mark,

I am consolidating some holdings at two brokerage firms that assign their mutual funds separate account numbers, For simplicity I have rolled them into a brokerage accounts at the same firm.

FM is recording this as a transfer out of the existing holding and a transfer in to the new holding. Unfortunately this does not carry across the cost basis. what are the draw backs to replacing the old account number in the existing holding with the new account number? (I foresee that reconcile will not work properly) Do you have any other recommendations?

Thanks,

Jason

[Mark]

Hi Jason,

Yes, I'd suggest just moving the investment, rather than record transfer out/in. Move it into the sub-portfolio for the account where you have it now. The only account number that matters is the account number on the sub-portfolio containing the investments.