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Monday, 15th April 2024
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So you've made a million - what next? Back  
As Ireland's wealthy grow both in prominence and numbers, a new book has been launched aimed at advising the fortunate on how to manage their hard-earned cash.
'Wealth Management' is the first book from Kevin Quinn, an associate director in Bank of Ireland Private Banking, who started his career with Irish Life back in the 1980s.

'How not to throw away your riches', Quinn declares that the book is not about how 'to get rich quick', but rather it is about, 'how to keep your personal wealth growing, what your options are, how to protect it from some of the risks you've probably ignored until now, and ultimately, how to plan to ensure your wealth is there for future generations'.

Financial planning books have traditionally sold well in Ireland, with Robert T. Kiyosaki's 'Rich Dad, Poor Dad' series particularly popular. However, up until now, these books have focused on the accumulation of wealth, rather than the management of it. But, with 30,000 Irish people now assuming the status of millionaire, according to Bank of Ireland's survey last year, the timing must be right for a book targeting those who have already 'sweated their way to riches'.

The book is divided into two parts - the first focuses on 'Making sense of the capital markets', and the second, on 'Putting your plans in place'.

The first section provides insights into all of the major asset classes such as equities, property, bonds, private equity, commodities, and hedge funds.

The second part of the book outlines how business owners can approach the areas of tax, pensions, debt and insurance with the purpose of successfully managing their wealth.
As a professional adviser himself, Quinn also offers a note of advice on choosing one. He highlights three golden rules:

• Asset allocation is key - 'if they don't being by talking about asset allocation they are probably only there to sell you what's in the kit bag. It's a very bad sign if they don't believe this to be important. Neither should they oversimplify and suggest that asset allocation is 'everything'. It's not, but it is very important and is probably worth about 40 per cent of the returns you might make.
• A professional should be uncertain and help you understand why - 'if they're too certain about what the future holds they don't have enough experience or qualifications to be advising you'.
• Tax is important - 'while it should never be the the leading part of a plan, it cannot be ignored. If they brush off tax matters as irrelevant they are under-qualified. If they put tax ahead of investments, the 'tail is wagging the dog'.

All qualities possessed by Bank of Ireland Private Banking no doubt!

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