When I first heard the suggestion that President-elect Barack Obama give up his Blackberry, I couldn’t help but mutter “damn you, Compliance.” That’s because it reminded me of the approach the financial industry has followed in policing new web-based communications. Their answer? “Put it away!”

To pretend like these tools don’t exist (or that they’ll somehow go away altogether) is no way to deal with communications opportunities that offer such immense benefit.

In the case of Obama, much of his campaign’s success in raising funds and building brand “fandom” grew from his use of new media to establish a conversation with his constituents and broaden his reach. His campaign was the first of its kind, a modern age integrated marketing effort that leaned successfully on every available communications opportunity, from e-mail to social networking to mobile. The quest to mitigate the risk involved in Obama using a Blackberry feels a bit like wishing our way backwards. (For even more views on Obama’s command of digital media, read our partner’s blog at Rock The Boat Marketing.)

In the case of investment management, the same risk-averse thinking holds true. Rather than recognizing the benefits of these new communications, most companies and their compliance areas are giving them the stiff arm. I’m not a practicing idiot—I understand the rationale. I just don’t think that it’s smart business in the long run.

So, when it comes to compliance and new media, we really do think it’s time for a change.

On Sunday, I saw aging media visionary Ted Turner whipping up book sales at a local college near my home. When asked about the future of newspapers, Turner quickly answered, “They’re obsolete.” When pressed why, his answer was that “There are better, more efficient ways to distribute information available to us.”

Financial CEOs and marketers—there are better ways of communicating with advisors and investors. And they are not going away. It’s time to tell your compliance organizations that their job is to figure it out.