Internally, TD believes that their platform meets or exceeds that of the competition, but perceptions change slowly. "Until recently, we really weren't recognized for our technological prowess. I think our technology scores on the Tiburon survey took our competitor by surprise."

Competitors may have been surprised at Waterhouse's technology scores, but advisors doing business with the firm apparently were not. When Ray Mignone, a CFP licensee in Little Neck, N.Y., was asked about TD Waterhouse, he replied: "Their technology is excellent. They are constantly making improvements. The technology support people are very good, very helpful."

Anthony J. DeVito of ADV Investment Management & Financial Planning in Pelham, N.Y., characterized their technology as "very good" and their responsiveness as "excellent."

If there was one fly in the ointment of some otherwise strong scores, it was in the area of education and training. Fidelity led the pack with a score of 9.0, Schwab's rating was 6.4 and TD Waterhouse trailed with a 6.0. Stimpfl puts a positive spin on the relatively poor showing in this area: "We are moving in the right direction," he says. "We continue to get better. I view this as an area of opportunity."

So how has TD Waterhouse managed to improve so much technologically in such a short time? Clearly, VEO was a key component.

Mignone cites VEO Express, a desktop applet, as another piece of the puzzle. "VEO Express allows me to filter and sort information, as well as to export data into MS Excel for further analysis. I also use VEO Express to upload management fees."

AdvisorClient.com empowers advisors to offer their clients online access to positions, balances and account histories. The AdvisorClient sites are personalized with the advisor's name and contact information at the top of each screen.

Strategic alliances were also instrumental in helping TD Waterhouse close the technology gap. In the portfolio management arena, Waterhouse partnered with Advent Software Inc. to provide AXYS at a discount. Advisors can either purchase the desktop version of the software and perform downloads themselves, or they can purchase a package that includes outsourced downloads and reconciliation.

Not every technology initiative has captivated advisors' interest. Since the second quarter of 2003, TD Waterhouse has offered Financial Engines' Advisor software to their clients at no additional charge, and it will remain free until at least the end of 2004. Coming almost a year after it was announced with great fanfare, some wondered if the deal wasn't vaporware. To date, more than 400 advisors have used the software at least once, but no one at the firm could provide an accurate count of advisors who use it on a regular basis.

During the conference TD Waterhouse announced a new partnership with Morningstar Inc. to provide an exclusive "TD Waterhouse Edition" of Morningstar Workstation to its advisors. "To the best of my knowledge, nobody else offers independent advisors such attractive pricing," Stimpfl says.