Megan Steele

What is your personal mission at Formulary?

I want to be someone my clients trust with their most important business decisions. Having spent my entire career in venture capital, both in-house and at fund administrators, I’ve seen how the reporting, client service, and insight we provide can shape how businesses grow and scale. This gives my work real purpose.

On a personal level, it’s inspiring to be a true partner to venture firms with such bold, powerful missions, and to help make a real difference for their teams, portfolio companies, and investors.

Why did you choose to join Formulary?

Formulary’s ambition to revolutionize the fund administration industry stood out to me. I love how every person on the team is aligned around this mission, pushing each other every day to be the best at what they do. After speaking with Bryan and the team, I knew that I wanted to be part of this journey and take on the challenge of transforming the industry.

Formulary is the first place where I’ve seen artificial intelligence thoughtfully used to solve some of the long-standing problems I have experienced as an accountant.

How did you find your way into fund administration?

By accident, or maybe it was fate. Nobody in school told me the fund administration industry existed. I stopped by a booth at a college career fair, got curious, and ended up interning at a fund administration firm. I found the work intellectually stimulating, exciting, and impactful, and I haven’t looked back since.

I also love numbers. I was a finance major in college, and accounting came easily to me. What excites me, though, isn’t just the numbers. It’s the insights that those numbers give our clients.

Investment firms make decisions based on the data we provide, and I find that very empowering.

What role do client service and experience play in your day-to-day responsibilities?

For me, it’s all about our relationships with our clients.

I want clients to trust me and engage with me as a real thought partner. That means I don’t cut corners, and I always deliver my best work.

I’ve been on the client side, so I know from personal experience how important trust is in these relationships. I want our team to be a key part of our clients’ success.

What does it take to build trust?

It starts with quality, accuracy, and consistency. When I was a controller at a venture firm, I saw how much the GPs counted on their outsourced partners to get the details right, every time.

The goal is to give clients their time back so they can focus on their most strategic work. If clients can’t rely on you as a fund administrator, you don’t have a relationship.

After that, it’s about being timely, responsive, and engaged with your clients’ needs. And, of course, making it clear that you care.

AI is transforming every industry, including fund administration. Where do you think the industry is going?

Artificial intelligence has raised the bar for speed and accuracy.

With AI, we can automate staff-accountant-level work and free up time to focus on strategic initiatives for our clients, such as giving advice, introducing clients to LPs and founders, and offering support beyond closing the books. I’m excited about AI’s potential to move fund administration from a vendor relationship to one focused on advisory and partnership.

What shouldn’t change?

The people part. Client relationships have to stay the priority, and AI can’t do that for you. That’s a big reason why, at Formulary, we keep an expert in the review and approval process for everything.

Is there a particular type of accountant Formulary is best suited for?

Definitely someone who cares a lot about getting the technical work right and doesn’t cut corners. Someone with real experience who can teach others and make the team better.

And someone who moves fast and embraces change.

How would you describe Formulary’s culture compared to traditional fund administrators?

It’s collaborative and open here, and you can get involved in things outside your day-to-day responsibilities. For example, I’ve had a chance to work on social media, marketing, and business strategy, all while co-creating new workflow solutions with our engineers.

If you see something that isn’t working, you can say so and see your ideas come to life.

People at Formulary also give a lot of feedback. It’s welcomed and expected. I’ve never worked anywhere that communicates this openly.

Is there anything else people should know about joining Formulary?

This kind of opportunity doesn’t come along often, so take advantage of it.

Raise your hand, work with others, and share your thoughts. You’ll get feedback and criticism, and that’s a good thing. It’s how everyone gets better.

What is the mark you want to make on your industry?

I want clients to trust me and see me as a big part of their success.

I also want to show that even as more of this industry becomes automated, relationships remain strong and personal.