Is it a good idea to hand over your personal book keeping to financial experts?

“No, you should do your own book keeping and not become dependent on others,” says author and journalist Marieke Henselmans. Dutch private bank Insinger de Beaufort thinks differently, and came up with the Shoe Box concept. “We take care of our client’s administration from A to Z, offering a great convenience for many people. Why wouldn’t you want your book keeping to be in order, while leaving time to do the things you really like?”

Dependent
In this light, Henselmans’ disgruntled reaction to the concept of outsourcing your personal finances doesn’t come as a surprise. “Organizations that take care of your personal book keeping often give the false impression that financial matters are complicated, difficult and almost impossible to sort out by yourself. Which is a shame because it really isn’t that hard. And if some people do have trouble keeping their books, they’ll just have to learn.”

“Why? Because outsourcing in a sense makes you dependent and ultimately can trap you. It is often assumed that the people hired to do book keeping know what is best for you, while they are often not academically trained. Best is to find your own way and make your own decisions. Especially in a world where so many things are already left to others, such as cooking and cleaning. This is a trend we should resist, otherwise we’ll one day be saying: ‘Here is 100.000 euro, please live my life so I can stay in bed.”

Keep in touch
Banking advisor Loek Reijns of Insinger de Beaufort disagrees with Henselmans. According to him, outsourcing your book keeping does not lead to a loss of control. Insinger de Beaufort has been offering the Shoe Box concept to consumers and businesses for two years now, taking care of their entire financial administration.

Reijns: “We get in touch with our clients within three days after receiving their paperwork, to discuss our plans. After that we’ll provide a complete overview of their financial situation every three months, making people aware of where they are, financially.

For each client, we draw a number of different plans for things like income, expenses and heritance. We leave it up to the client to decide our final course of action. Additionally, we keep in touch with their accountants, tax advisers, insurance brokers and personal bankers. When there is an overlap, we report it and provide a solution, saving them money in the process. We do our work professionally and discreetly.”

Saving money
The service allows people to send their complete financial administration, bills and receipts to the bank in a shoe box, and does not come with any obligations. Shoe Box costs 10.000 euro per year, but it’s worth every cent, says Reijns. “We can save our clients a lot of money by properly sorting out their books.”

Insinger de Beaufort is the first bank in the Netherlands that takes over their customers’ complete financial administration. The Shoe Box clients, currently 40 in total, can afford this service. The question remains whether banks are the right organizations for the job, and whether this is a good thing for clients to do. Marieke Henselmans thinks we should do our own book keeping, to maintain control over our lives. According to Reijns, the Shoe Box is a great solution for his clients, allowing entrepreneurs to focus on their business and on living a pleasant life. What else could you want?