Cost Basis issue managed fidfolios
Summary of User’s Issue and Solutions Discussed:
- The main problem reported by the user is that several stocks in their Managed FidFolio account are marked as “unavailable for funding” due to a “missing cost basis,” despite the user confirming that all positions have a cost basis listed.
- A potential reason for the issue could be that the funds are not eligible for the Managed FidFolio strategy assigned to the user, as determined by the information provided during signup.
- The Fidelity representative suggested that the user check each lot in their positions tab to ensure all have a cost basis and to use the “Purchase History/Lots” option for verification.
- If the cost basis cannot be updated, the representative recommended contacting Fidelity through chat or phone for secure assistance in reviewing the user’s positions.
Here’s the full thread
Hello. I recently opened a Managed FidFolio account for direct indexing. I have a few stocks and etfs such as AAPL, COST and SCHD. All of them say. Unavailable for funding. The reason is. Missing Cost Basis.
I’ve checked my positions tab. They all have a cost basis. Not sure what’s stopping it
Thanks for reaching out today, @Illuminati. To clarify, you opened a Managed FidFolio, but the other securities in the account, outside of the FidFolio, are the ones giving you issues and not allowing you to purchase more shares?
Yes I’m doing the fund the account section. I chose my Fidelity brokerage Cash and Shares. Most transfer fine. A few sell. But then I have 11 that are missing cost basis. My positions tab shows them all having that information
I see. It may be that those funds are not eligible in the Managed FidFolio strategy you were assigned based on the info you input when signing up. According to the FAQ: When you’re asked to add money to your Fidelity Managed FidFolios℠ account online, you’ll be given the option of doing it in the form of securities you already own instead of cash. The investment team will review these securities, and in cases where they fit into the strategy you’ve selected, these securities will become part of the portfolio.
We’ll let you know which securities meet this criteria. Otherwise, the securities will be sold, with the proceeds being used to purchase stocks to build your Fidelity Managed FidFolios portfolio. In some cases, we’re not able to accept certain stocks for funding. In these cases, we can help you sell these, at which time you can add the cash proceeds to your account. Please note that any securities we sell on your behalf that have unrealized gains may result in tax consequences.
I’ll reach out to a few business partners to relay what you’ve shared so far to see if I can find a better explanation, but it could take some time to get a response. Since you mentioned Cost Basis is the subject of the message you’re getting, make sure that each lot has a cost basis as well. To do this, click the security within the positions tab and select “Purchase History/Lots.” Please let me know if all lots are showing a cost basis and we’ll continue from there.
Also, here is the FAQ I mentioned in my last message in case you want to review them: https://digital.fidelity.com/prgw/digital/msw/overview
(Scroll down to the FAQ and click “See Full List” to view them all.
So I see on 4/20 these all had some sort of small amount that shows 0 basis. When I click update cost basis. It says no eligible lots though
Well it actually says. Contact a representative i cannot provide cost basis information at this time.
Thanks for the additional info. At this point, I think it’s best to reach out to us on a channel where we can connect in a secure environment to review your positions with you. Unfortunately, we don’t have the capability to do that on Discord at this time. You can reach us through chat or phone using the info on found here: https://www.fidelity.com/customer-service/contact-us
ok let me start a chat thank you
Of course! Thanks for dropping in with the question. Feel free to keep the conversation going here after your chat session. 🟢