Hello Mark, et al,
One of my financial institutions recently sold its investment accounts to Schwab. The transition has been bumpy at best.
How are folks managing recording the cash portion of investments held in taxable accounts at Schwab within Fund Manager? The institution seems to default to a cash account, not a money fund, as the sweep account and as such Fund Manager is not downloading external transfers made into this cash account.
At the previous and other financial institutions, by default cash is swept in a Prime or Government Money Fund which has a ticker and is pulled down by Fund Manager. Usually I just set the default cash account as this associated prime or government money fund and things just work. Is there something obvious I am missing either in the program or at Schwab? (i.e. I am not sure setting up a dummy cash account which would capture the external transfers in?)
This is made more awkward as Schwab does not allow automatic transfers into the money funds. Not having the cash portion of Schwab accounts readily available within Fund Manager, especially in swiftly moving markets, is challenging. For what it is worth, Schwab's sweep account option seems to be to their banking unit, which superficially seems to pose the same challenge with retrieving transfers and balance information.
Thoughts? For such a large broker this is needlesome.
Jason