Simran Kang is the founder and CEO of MyFO, a Vancouver, British Columbia-based startup that simplifies the management of investment portfolios, data, documents and financial modeling for family offices and their advisers. In an interview with Crain Currency, Kang shares how her accounting experience working with ultra-high-net-worth families at PwC inspired her to create a fintech solution tailored to the needs of family offices.
What led you to pivot from your role at PwC to starting MyFO?
I left the “big four” [accounting firms] because I kept running into the same frustrations with how outdated and inefficient a lot of financial systems in place were. Looking at the tools available, I realized if I wanted to actually fix these problems, I'd need to build something new myself.
Working closely with some of North America's wealthiest families showed me exactly what they were struggling with day to day. I saw how they needed something more modern and straightforward, a tool that could handle all the complexity while being easy to use. I wanted to tackle these challenges head-on and create something that works for these families without them having to spend hundreds of thousands of dollars on it — and in the end, most of the existing solutions weren’t saving time or money.
How many family offices have joined MyFO, and how have family office investment strategies evolved during your wealth management career?
MyFO grew rapidly over 2024, as we currently serve 80 single-family offices and five multi-family offices, collectively managing over $15 billion in assets.
It’s been exciting to see how family offices have evolved over the years. I’ve seen a big shift toward diversification — moving beyond the traditional public equities and fixed income into things like private equity, venture capital, real estate and even alternative assets like art and collectibles. I think a lot of this is driven by younger generations, who are bringing new priorities to the table. They're looking for their portfolios to go beyond just growing wealth; they want them to align with their values and drive meaningful impact. As a result, we are starting to see more families bypass intermediaries and directly invest in the businesses they believe in.
Another big shift is how much more families are adopting technology. They’re not just setting a static asset allocation and forgetting about it; they're using tools and data to constantly adjust based on real-time market trends and forecasts.
How does MyFO plan to grow its business following its $3.5 million funding round, as far as growing its team or platform features?
MyFO is focused on strategic growth in both our team and product features. On the team side, we’re scaling up by hiring more talent. In the upcoming year, we aim to double our product development and sales teams.
With the product, we’re prioritizing innovation. With constant feedback from our clients, we are on a regular cadence of updating our product. Over the next year, we will focus more on integrating AI into our tools for better actionable insights. We will also focus on more tools that will simplify how families and advisers manage the information being pulled from their operating companies and accounting softwares.
How does MyFO leverage artificial intelligence to provide financial modeling or advice on potential investments?
While the buzz around AI is undeniable, we've chosen a more thoughtful approach. Family offices in particular remain cautious about the risks AI poses to privacy and data security. This mindset has shaped how we integrate AI into our platform — strategically, carefully, and with our clients' trust at the forefront.
We don’t shy away from AI, but we use it strategically. Our platform leverages AI to speed up certain processes, like data ingestion and onboarding, making it more efficient for clients to integrate their systems with ours. However, we are highly selective about which AI systems we use and how we use them.
In the coming year we will be leveraging AI to identify areas of risk and balancing in a user’s portfolio. Family offices aren’t looking for advice on which investment decisions to make, they are looking for real-time data to make informed decisions.
Why do you think family offices work with multiple banks and investment firms, rather than consolidating their partners?
Family offices typically work with multiple banks and investment providers to diversify their assets and minimize risk. Each provider often brings specific expertise; one might specialize in private equity, while another focuses on real estate or global markets. By working with different providers, families aim to balance risk and optimize performance across their portfolios.
That said, the downside is scattered data and fragmented reporting, which can make it hard to get a clear, real-time view of overall wealth. By centralizing all that information into one platform, we eliminate the chaos of juggling multiple systems. MyFO gives family offices and advisers the ability to consolidate data while still keeping the flexibility to work with their trusted providers. We allow our clients to simplify processes without compromising the systems they already have in place.