As the global family office sector evolves, one of the most frequently mentioned needs is a modern tech platform that can keep pace with the complexity of intergenerational wealth. MyFO is a fast growing fintech platform founded in Canada and now used across North America and it’s emerging as a category-defining solution, bringing structure, clarity, and speed to a space long dominated by spreadsheets and legacy systems.
The idea came from experience, not theory. Simran Kang, then a trusted advisor to ultra-high-net-worth families, kept encountering the same friction points: disjointed data, slow reporting cycles, and a lack of tools that reflect how today’s families actually operate. Rather than accept the limits of existing software, Kang built MyFO an intuitive, entity-based platform that reflects the real-world complexity of family offices and adapts as their needs evolve.
She says that although they may still be meeting at coffee shops or over the dinner table, entrepreneurial families are growing increasingly sophisticated. In particular, during a period when she worked with PwC, she recognized the acute need for a reporting tool that could keep up with families’ complexity.
The experience led her to open her own multi-family office to offer taxation, investment, governance and strategy advice. However, says Kang, “the information was always disjointed. For instance, if one person on our team was doing a tax plan, they didn’t know what the governance and strategy plan was.”
Of course, changes in one area have repercussions in another, but “there was no cohesive platform to bring that together—it was all a mishmash of emails and spreadsheets,” she adds. “And when we looked at the solutions that were available, they had 12-to-18-month onboarding processes. There was no way my families could wait that long. They needed fast, reliable data right away. Naively, I thought somebody must have solved this problem.”
When she looked for those solutions, she found there weren’t any. So, Kang decided to solve the problem herself. “We found that most legacy platforms were not built for family offices,” she explains. “They began as a hedge-fund reporting tool or something similar that was designed for banks and investment managers. Over time, they been retrofitted to service family offices, but that often results in a system that’s too complicated, too limited, not intuitive and requires training.” Some tools suffered from the opposite problem: they were designed to suit the needs of just one specific family.
Kang cites the statistic that almost 86 per cent of family offices continue to use spreadsheets as their primary tool. To build something useful for this underserved segment, the MyFO team interviewed more than 300 family offices and advisors to discover exactly which needs should be addressed, what best practices were already in use, and how a new tool could be scaled and customized.
We wanted it to be not too complicated, not too simple, and perfect for how families actually operate.
MyFO launched in 2021, and last fall it was named Best Wealth Management Tool at The Netty Awards. MyFO has also been featured in Forbes’ Best Family Office Software List, two years in a row.
Most recently, the company has been shortlisted in numerous categories at the Family Wealth Report Awards in New York, and they won Best Implementation of a Technology Solution/ Best Tech Stack and Client Driven Innovation (B2C).
“I think the reason we are winning in this market is our product is fast, clear and intuitive, and we understand very deeply how our clients want to be serviced,” Kang says. “We look at all asset classes, and we look at all the different ways families are looking at their wealth, whether it’s their liquidity, their asset allocations or how they plan for that wealth in the long term.”
MyFO also grants access differently to specific individuals within the family circle. “Entity management is really important for us,” says Kang. You can look at the permission settings of each individual at any given time. The product also has SOC 2 Type 2 security.
Part of the MyFO DNA is a recognition of the need to introduce Next Gen family members to the complexity of the family’s affairs in stages. “One of our core theses is that if you’ve got a trust or one entity that your children have access to, they can be given permissions to that one piece of information or just maybe an asset, and they can see how everything they’re doing outside of the family fits in with the overall wealth picture,” says Kang.
“They wanted real-time data and a cohesive picture of what their future looked like and how they planned for their life,” she adds. “That was something we really wanted that next generation to be able to experience.”
A two-time nominee for the RBC Canadian Women Entrepreneur Award, Kang says she’s still an anomaly in the fintech space.
“Less than two per cent of venture funding goes to women founders,” she says. “You’re not seeing female unicorn-founder stories on a regular basis, so investors aren’t writing cheques for women as often as they write them for men. I think it’s a huge missed opportunity, because 51 per cent of the population is women and they know what women want to buy. I’m one of very few women building in this space, and often the buyer on the other side is a female.”
MyFO continues to evolve and the change is constant. Kang says, “changes happen all the time, and everyone adapts.” Whether it’s AI, open banking or new tools for trading. The team at MyFO is committed to empowering the families that they work with to have data at their fingertips and make well-informed decisions.
Looking ahead, MyFO is focused on expanding globally in 2025 and continuing to develop MyFO’s platform around clarity, speed, and confidence. “Families today are asking: how can I make better decisions, faster? That’s the problem we’re solving.”
Disclaimer: This story was created by Canadian Family Offices’ commercial content division on behalf of MyFO, which is a sponsor of the Technology Special Report.
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