Transferring portfolio to a new broker

[dlapish]

Hi Mark,

I have read a couple of posts where people have moved their investments to a new broker. This is something that I did recently.

I am worried that when I set up the sub-portfolio in FM to import data from the new broker that the initial set-up transactions may have the effect of doubling my holdings in FM, ie that the new broker will record a transfer in for each security (from the old broker) and that FM will read this as acquiring additional units.

Is this something I have to be concerned about, and if so how do I prevent it?

Thanks,

David

[Mark]

Hi David,

You should probably monitor this when you first retrieve from your new broker. If they show transfer in transactions that you don't need (because you've already got your full history), just un-check them in the Preview screen before completing the retrieve. Going forward, you can retrieve by date, so you only retrieve back to the date of your last retrieve. This way, you won't have to keep un-checking those transfer in transactions each time.

[aviator]

David, I switched brokers a few months ago.

This is what worked for me: I set up new sub-portfolios for the new broker. The old broker accounts remained intact up to the date of the in-kind transfer. After that date, I retrieved transactions from the new broker into the new sub-portfolios.

You will likely have to massage the transactions to get things straight. For example, the transactions from the new broker came in as "purchases". I had to change all to "transfer in" to preserve cost basis.

Hope this helps.

[dlapish]

Thank you both for your replies. I feel sufficiently reassured to go ahead with setting up the new broker in FM.