Three tiers of service will be available. The most basic, which includes only the research module, will be priced at $1,800. The middle tier, which will include sales and hypothetical tools, is priced at $2,150, and the comprehensive edition will cost $2,500.

TD Waterhouse, with assistance from Morningstar, will supply Web-based training to help advisors integrate Workstation in their practices. TD will offer frontline support for its advisors using Workstation, with Morningstar providing help with more complex issues as needed. By the end of this year, TD Waterhouse has promised to integrate Workstation with their custodial platform, so that the two will work seamlessly together. "No other custodian is offering seamless integration of Morningstar Workstation with their custodial platform," Stimpfl says.

Although Stimpfl sounds satisfied with TD Waterhouse's accomplishments in the field of technology over the last several years, he did not appear ready to start coasting. "Providing good technology to advisors is only half of the battle," he says. "Advisors must understand how to use technology as well. If we cannot help advisors extract value from the technology we supply, we haven't totally succeeded."

To this end the firm has launched a number of new initiatives, one of which is the Solutions Consulting Group. This group, which was launched with six full time technology consultants and will be expanded in coming months, offers technology help to advisors through phone calls, Web demos and office visits.

The creation of the Solutions Consulting Group appears to be a shrewd business move on the part of the firm, because it allows them to leverage their newfound strength in technology with their highly regarded expertise in customer service. If the initiative is successful, and there is no reason to believe that it won't be, TD Waterhouse will achieve its goals of both supplying good technology and insuring that advisors are capable of using it effectively.

When asked about the greatest challenges facing the firm technologically in the future, Stimpfl cite three broad areas: integration, ongoing improvements to the platform and account aggregation. "Integration is huge," says Stimpfl. "From a service standpoint, the advisor is at the center of the model. From a technology and integration standpoint, the custodian is really at the center because that is where the assets are held. Advisors are asking us for integration, and we will provide it to them."

One aspect of improving the platform entails offering additional third-party tools. Advisors have told the firm they want additional financial planning software choices, and the TD is trying to deliver. Another aspect of platform improvement is improving core operational functionality. For example, advisors want the ability to perform certain functions online that are not currently available to them. These include items such as entering changes of address, automatic reinvestment of stock dividends and improved cash management. Expect to see improvements in this area soon.

TD Waterhouse has made significant strides over the last couple of years, positioning itself as one of the premier providers of custody service to independent financial advisors. While additional challenges lay ahead, the firm's strengths in the areas of customer service and technology, combined with a clear plan for continued improvement, bode well for the future.

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