Canopy vs MYFO

Canopy brings wealth records from multiple custodians into a consolidated, reconciled portfolio view for family offices, external asset managers, and private banks. It connects to more than 250 custodians through direct feeds, real-time SWIFT, and statement parsing, and covers assets from equities and cash to private markets and real estate across multiple entities. Portfolio accounting includes daily revaluation, cost basis, profit and loss, FX attribution, accruals, corporate actions, and double-entry bookkeeping. Analytics cover returns, risk, exposure, scenario modeling, benchmarking, allocation, mandate monitoring, and cash flow forecasting. Teams can create custom or white-label reports and schedule delivery. The client portal offers iOS and Android apps, role-based access, and AI chat. Optional AI tools include portfolio questions with cited answers, PDF analysis, and transaction classification; Canopy says client data is not used to train shared AI models. Pricing depends on scope and is available on request. Listed annual plans start at $15,000 a year for a Single Family Office, with a one-year commitment.

MYFO is a web-based family office operating platform for consolidating financial data, entities, documents, stakeholders, and reporting. It aggregates assets and liabilities across accounts and synchronizes information from banks, brokerages, and other financial institutions. Entity management maps family relationships and ownership stakes among people and organizations. Users can produce consolidated performance reports by asset class, currency, geography, or entity, then export PDFs or share live links. Documents are organized by entity with role-based access, automated categorization, and search. AI ingestion extracts positions, transactions, and cash flows from statements, capital call notices, and fund reports. A Claude integration supports plain-English questions about portfolios, concentrations, capital-call schedules, and scenarios. Listed integrations include Finicity, MX, Plaid, Quiltt, Wealthica, NetSuite, QuickBooks, Sage, Sumit, and Xero. MYFO lists SOC 2 Type 2 compliance, AWS hosting, multifactor authentication, audit logging, role-based controls, and continuous monitoring. Onboarding typically takes two to six weeks.