Incorrect holdings displayed for Pershing LLC accounts (edited)

DannyB
DannyB Superuser ✭✭✭✭
edited October 28 in Report a Bug
For awhile now I've noticed one particular "holding" in 3 of my investment accounts being way out of alignment with what should be.  I finally took some time to track down what is going on and have discovered that the way my broker is reporting the cash portion of our portfolio uses the initial PGR for Pershing Government Account.  Simplifi "saw" PGR and classified these entries as Progressive Corp (NYSE: PGR).  As a result the value of this holding in Simplifi is way off.  As cash, the number of "shares" is 1 "share" = $1.00.  But Simplifi is seeing these entries as 1 share of Progressive Corp stock = +/- $122. As a result what should be around $2500 shows up as somewhere in the neighborhood of $300,000!

My question is this: Is there a way to correct the way Simplifi is categorizing these entries in the Investments module?

I'm not exactly sure how Simplifi is handling the discrepancy since the totals reported for the affected accounts in Simplifi are accurate compared to what I see reported on my brokerage accounts websites even though when you look at the Investment/Portfolio page you find this holding as described above. Thus, this is not a huge problem, but it is a problem and wonder if there is a way to address it.
Danny 
Simplifi user since 01/22
 Budget: a mathematical confirmation of your suspicions.” ~A.A. Latimer
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Best Answers

  • Coach Natalie
    Coach Natalie Administrator, Moderator admin
    Answer ✓
    Hello @DannyB,

    Thank you for providing the requested information!

    I have gone ahead and gotten this reported and will be sure to post back as soon as an update is received. 

    -Coach Natalie

    CTP-4842
  • Coach Natalie
    Coach Natalie Administrator, Moderator admin
    Answer ✓
    Hello @DannyB,

    Thank you for your patience as this was being researched!

    Sadly, it doesn't sound like there's anything we'll be able to do from our end on this one. Apparently, the financial institution is choosing to use a publicly traded security's ticker symbol for this holding instead of creating a ticker symbol to use for their private security. 

    With that said, our Product Team recommends that you contact Pershing directly to let them know of the issue and to see if there's anything that can be done from their end. 

    Sorry for not having a better answer or a resolution for you!

    -Coach Natalie

Answers

  • Coach Natalie
    Coach Natalie Administrator, Moderator admin
    Hello @DannyB,

    Thank you for reporting this issue to the Community, although I'm sorry to hear that you're experiencing a discrepancy with one of your holdings in Simplifi.

    It's been a while since I've seen this particular issue pop up, but it's not uncommon. Unfortunately, there is no way to fix it from within the program and we will need to submit an escalation instead. To do so, please provide us with the following information: 
    • The name of the account that the holdings reside in, as it appears in Simplifi
    • Screenshots of all of the holdings displayed in Simplifi for the account
    • Screenshots of all of the holdings displayed on the bank's website for the account
    • Confirm whether the balance displayed for the account in the Accounts List (left-hand bar that lists all of your accounts and balances) is correct 
    If you'd prefer to share this information privately, you are welcome to DM it to me. Or I can email you a link to our Secure File Exchange -- just let me know!

    -Coach Natalie
  • DannyB
    DannyB Superuser ✭✭✭✭
    edited November 23
    OK, @Coach Natalie 

    Thanks for checking into this for me.  I may reach out to Pershing, but that probably won't make a difference. Since I don't really use Simplifi to manage my portfolio and since the actual portfolio balance is what Simplifi uses in the Net Worth figure in the Accounts column and the Transactions page it's not really a big deal... besides when I want a little fantasy I can always click on the Investment page and dream that our net worth is a quarter million more than it actually is :smile:
    Danny 
    Simplifi user since 01/22
     Budget: a mathematical confirmation of your suspicions.” ~A.A. Latimer

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