2002 Volvo XC70 Slow acceleration

When you try to accelerate the rpms respond but the car does not accelerate very quickly or with any pep. Feels like you are driving a boat and this car usually is much more responsive. I thought it might be the transmission as we had a new tranny installed last October and maybe it was slipping and not shifting the way it should. A call to our dealer and a quick demo drive with their technician and they didn't think it was the transmission (why am I not surprised?) And thought that maybe it was the turbo charger not working very well. Not sure how this affects the car not accelerating when the rpms are going up. They suggested the only way to find out is to perform a "factory diagnosis" which will cost around $120 which I am not excited about.

Any thoughts on the possible problem here and the likely solutions?

Volvo Paul