The “Dark Ages” in history is defined as the “period between Classical Antiquity and the modern era.” So here we are in the so-called “modern era” – why are so many financial services providers living in the technological Dark Ages? We’re not talking about CFPs, CPAs, RIAs and other financial professionals. This group is already in a struggle to make the right technology investment decisions in a sea of software and solutions. Rather we’re focused on solution providers that serve these professionals.

These service providers span everything from back-office operations to broker/dealers and custodians. The services they provide run the gamut from portfolio management and reporting to all-in-one financial portals. In our ultra-modern age of ubiquitous communications, access to endless information and computing in a blue-sky world full of clouds, some service providers are still living in the Dark Ages technologically speaking. How so?

Some providers are unwilling to provide hassle-free access to their clients’ data and have even been known to hold-hostage client data through obfuscation. Others cannot or are unwilling accept data in electronic format. One reason for this is the hope of client retention. The other reason is lack of technology infrastructure and expertise to make it happen. In a time of technological enlightenment, this is behavior is right out of the Dark Ages and is unacceptable.

We all know that open architecture is here to stay. A little over a decade ago open applications were the exception – today they are the norm. There is not a single appropriate reason that financial professionals should have to suffer with the captive theory of retention and inadequate use of technology. Nor should they have to work harder just because their service providers cannot or will not provide them with the services they should have.

If your service provider has “the company” mentality reticent of the Industrial Revolution, shouldn’t you be questioning the value you are receiving? After all, working for the company, buying at the company store and living in the company tenement are financially self-defeating. Challenge your service provider, no matter who they are, to do better. Make them prove their desire to keep you as a client through better products and service – not by making it costly to move.