Owning Your Data Isn’t the Same as Using Cloud Software

The cloud promises simplicity, efficiency, and accessibility. It makes collaboration and remote work easier, right? Not necessarily. Many firms assume that being “in the cloud” automatically means they own their data. The reality, however, is far more nuanced.

Why Cloud Tools Don’t Guarantee Data Ownership

Using SaaS platforms gives firms access to powerful tools, but access is not ownership. Firms effectively rent the software, rely on vendor uptime, and must follow each platform’s integration rules. While these platforms streamline workflows, they don’t automatically give firms control over how their data is stored, structured, or moved.

As Kailash Duraiswami, CTO of Milemarker, reminds us, “Just because your systems are in the cloud doesn’t mean you own your data.” Firms that don’t understand this risk building their operations on unstable ground, dependent on third-party systems and rules.

What True Data Ownership Looks Like

True ownership means maintaining control over where your data is stored, deciding how it is structured and used, and retaining the ability to export or migrate your information freely without vendor lock-in. When firms lack control, they are effectively operating on rented land, leaving them vulnerable to interruptions, limitations, and inefficiencies imposed by vendors.

How RIAs Can Reclaim Data Control

Wealth management firms can regain control by demanding open architecture from their vendors, prioritizing data portability, and ensuring that exporting full datasets is straightforward. Investing in a private data warehouse allows firms to own the underlying infrastructure layer, giving them full authority over data management, security, and compliance.

Owning your data isn’t just a technical preference; it’s a strategic imperative. In a multi-platform, increasingly automated future, firms that control their data will maintain agility, scalability, and independence, while those that don’t may struggle to keep pace.

These insights are inspired by the latest episode of the Next Mile podcast featuring Kailash Duraiswami, CTO at Milemarker.

👉 Listen to the full episode here and explore additional articles in this series.