As family offices evolve, so do the tools designed to support them. But while tech solutions promise to streamline operations and empower better decision-making, many fall short. The problem? Most platforms weren’t built for families, they were built for hedge funds.
These legacy systems have tried to retrofit themselves for family office needs, resulting in clunky interfaces, painfully long onboarding processes, and confusing, overpriced features. The result is software that slows down decision-making, creates reporting gaps, and makes it harder, not easier, to manage wealth.
The Goldilocks Challenge
Families today recognize that overly complex platforms can be overwhelming, while overly simple ones may not meet their needs. It is a classic Goldilocks challenge. Some platforms are too complicated, some are too basic, and family offices are searching for the one that feels “just right, ”powerful enough to manage complex needs but intuitive enough to use every day.
According to Deloitte,68% of family offices now prioritize ease of use when evaluating new technology without compromising on data management and reporting. Many are moving away from legacy systems and manual processes in search of platforms that are purpose-built, scalable, and tailored to the complexity of family office operations.
What they’re finding, though, is that some platforms don’t just come with a high price tag, they also require families to pay extra for training, onboarding, and even regular refresher sessions. Over time, these hidden costs can add up quickly, making the software far more expensive and frustrating than expected.
Despite growing demand for better tech, 86% of family offices still end up hiring a team to build custom Excel spreadsheets, falling back on manual, outdated tools.
The Solution
Finding the right technology often comes down to striking a balance: functionality without the friction. The most effective platforms are those that offer advanced capabilities alongside an intuitive, tailored experience. According to Deloitte, 81 percent of family offices are seeking solutions that can be easily customized to their needs.
MyFO brings together data integration, performance reporting, and strategic planning in one intuitive platform, eliminating the need for fragmented systems or costly manual processes. Rather than hiring someone to build Excel trackers or manage disconnected workflows, families gain a scalable and ready to use solution.
What sets MyFO apart is its ability to meet families where their data lives. Whether information is in QuickBooks, investment platforms, or buried in PDFs and spreadsheets, MyFO consolidates it into a single, real time dashboard. This provides the insights needed for faster and more confident decision making without the lag of outdated tools.
It is not just about features. It is about simplicity, visibility, and control. By offering a single source of truth, MyFO reduces operational friction, enhances transparency, and helps families stay ahead of complexity.
