TD Waterhouse Institutional is now offering advisors Advent's portfolio management software. The alliance brings the broker's advisor custodial services one step closer to those offered by rival Charles Schwab.

Schwab and Advent have been in a bitter fight since the two landed in court last year. Tom Bradley, president of TD Waterhouse Institutional Services, seemingly made an aside reference to the Schwab-Advent spat in the announcement of the deal.

"This relationship provides advisors with two excellent options for managing their client portfolios, while also allowing advisors the freedom to keep their business with TD Waterhouse because they are truly pleased with our service, not because they are tied to us through software," he said.

TD Waterhouse said that 2,000 independent investment advisors will be able to access Advent's tools and software under the agreement. Advisors will need to install and run the software in-house.

Advisors will also continue to have access to TD Waterhouse's proprietary Veo account management and trading system.  

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