Multiple Security's With The Same Name


J

Jim Chesher

My wife and I each have a regular IRA and a Roth IRA account with the same
company. Additionally there is a straight mutual fund with the same
company. In the past I set up two accounts on named IRA and one named
Mutual Fund.Then I named five different securities with the following names:
Jim IRA, Jim Roth IRA, Sheri IRA, Sheri Roth IRA and Mutual Fund. All
securities have the same symbol. It has worked OK for me in the past by
setting up scheduled transactions to update the accounts monthly. Then I
only had to put in the security price. I was never able to get it to
download transactions from the internet because the companies online site
couldn't recognize the account names. I have recently updated to Q4D and am
trying to get it to work right. But, in order for me to get the company to
recognize the account name I obviously have to name it exactly what the
company does and Q obviously wont let me do that because it says I already
have an account by that name. Any ideas on how I would go about setting
this up?
 
Ad

Advertisements

R

R. C. White

Hi, Jim.

You are confusing the term "security".

"Jim IRA" is simply the wrapper around one or more securities - and possibly
some assets (like bank certificates of deposit) that are not securities.

If "Jim IRA" and "Jim Roth IRA" each hold 100 shares of Microsoft, then each
should show 100 MSFT. When you update the current quotes for MSFT, the
value of each IRA should go up or down.

We can hold securities (like shares of MSFT or GM or whatever) directly
(maybe keep the stock certificates in our own safe deposit boxes), or in a
brokerage account. We can establish a trust arrangement meeting the
requirements for an Individual Retirement Account, then put some money in
that account, and then use that money to buy some shares of MSFT - or GM or
a CD or shares of a mutual fund - or any of a number of other investments.
In other words, the IRA can hold a pocketful of securities, but the IRA
itself is not a security.

Technically, the assets in the IRA don't really belong to you. They belong
to the IRA Trustee (the mutual fund manager?), who is obligated to manage
them for your benefit and be prepared to pay the balance in the trust to you
at some future date. What the Trustee buys with the money you put in the
IRA is up to the Administrator of the Trust - probably the mutual fund
manager - who probably will honor your instructions. Since you've chosen to
create that mutual fund manager's version of an IRA, chances are your
investment options are limited: that IRA's money can be invested only in
that fund company's offerings.

You are not likely to find a newspaper listing or other source for the daily
values of "Jim IRA", but you probably can find a listing for the value of
the XYZ Fund. If you know that Jim IRA holds nothing but 1.234 shares of
XYZ Fund, you can multiply that per-share value times 1.234, then add any
not-yet-invested cash in Jim IRA, to arrive at the total value of Jim IRA on
that date.

Jim IRA and Jim Roth IRA may hold the same securities, or their portfolios
might be quite different. In either case, you can find the value of each
security and calculate the value of the IRA, but don't expect to find a
listing for the IRA itself. No matter how many IRAs or other accounts you
may have, the name (and value) of the security (the XYZ Fund) will be the
same in each account.

Does this help?

RC
 

Ask a Question

Want to reply to this thread or ask your own question?

You'll need to choose a username for the site, which only take a couple of moments. After that, you can post your question and our members will help you out.

Ask a Question

Top