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News -> Press Releases -> 3Q Launches SafeGuard Friends First Launches Tailored Wealth Management Product with 3Q Software Solutions to Deliver Income Protection Product for Clients Friends First in collaboration with wealth management software specialist 3Q Solutions launches SAFEGUARD, Ireland 's first Asset Erosion Protection solution aimed at the growing mass affluent market – and one significantly amplified by Ireland 's economic transformation to one of Europe 's wealthiest countries DUBLIN, Ireland // dateline// Focused on the largely unaddressed issue of premature asset erosion in the event of ill-health, SAFEGUARD examines the impact on accumulated investment assets when the earned income stream is cut off as a consequence of ill-health. Professionals, the Self-Employed and owners of SME's rely heavily on professional negligence insurance to protect their investment assets in the event of business risk but what happens to assets in the event of ill health risk? SAFEGUARD examines the impact of asset erosion driven by the need to prematurely and exclusively support lifestyle costs from assets and determines how Income Replacement cover, (also known as PHI) can be used to best advantage. Over 50% of the reasons why people cannot continue to produce their future earned income stream arises as a consequence of back injuries and stress, rather than the more commonly discussed events such as cancer, heart attack and strokes. Maximising Income Replacement cover, the cost of which is a full write off against income tax, removes the catastrophic risk to assets that arises from long term ill-health. For example consider a 40 year old whose lifestyle cost absorbs the first €80,000 of earned income and who has accumulated €0.5m in investment assets. At modest earnings growth of 3% to age 65 he or she stands to generate €2.9m, but if this ability is removed because of ill health, not only is the future income stream gone but the assets are at catastrophic risk as the sole source of future income. In under seven years assets growing at 3% above inflation would be fully exhausted to maintain the current lifestyle, and even it were halved the asset pot would be gone by age 55. 3Q's Safeguard, in a customised report format examines these issues and reports how Income Replacement cover can substantially protect the financial position and delay asset erosion until normal retirement age. In the above example three quarters of the future earned income stream can be replaced amounting potentially to €2.18m by age 65. Commenting on the partnership with 3Q, Eamonn Twomey, Head of Strategic Development at Friends First said, “Friends First has invested heavily in the past two years to enhance the service we offer to our brokers and our clients. This new tool, which has been developed in association with 3Q is exceptional and has surpassed my expectations. I am confident we will achieve our objectives with this valuable tool.” As well as having a web-based look and feel, the product can automatically save any updates and changes made to the program as well as facilitating a “no opening” file creating a more easy to use product. Using innovative software development technologies such as Agile software development and Interaction design, helped 3Q deliver high quality product in less then three months and in a highly collaborative manner. Commenting on the Friends First partnership 3Q's CEO Ray Young said “Friends Firsts three month pilot among a large and diverse group of intermediaries, using the product is producing an increase in sales at over 140% - we have reason to be excited to have Friends First as a client. I am certain that we can continue to provide Friends First with innovate wealth management solutions tailored for their clients as their business requires. Friends First is now rolling out SAFEGUARD to all of their appointed intermediaries and we await the results with considerable interest” concluded Young. ~Ends~ For Further Information: Friends First: John Cunningham Tel: 01 618 6000 General Manager Group Planning & Marketing Murray Consultants: Tel: 01 498 0300 Grainne O'Brien/ Muireann Harrington Editor's Note: Friends First is one of the leading financial services groups in the Irish market, providing a range of broadly based financial products including pensions, investments, savings and finance. Friends First employ over 450 people in Ireland and has offices in Dublin , Galway and Cork . The Group's total assets exceed €4.4bn. Friends First is part of Eureko B.V. which is one of the largest insurance groups in Europe with a total asset base of €94.8 billion and over 25,000 employees in 12 countries. 3Q Software Solutions Limited: Karen Whelton Tel: 01 4100852 kwhelton@3q-solutions.com Editor's Note: Founded by a group of skilled technologists and financial services industry professionals including Eddie Hobbs presenter of RTE's Show Me The Money series, 3Q Solutions' sole focus is on breakthrough wealth management solutions that deliver vital consumer messages while driving sales in the high net worth and mass affluent markets for its customers. Based in Dublin and London , 3Q which is privately funded, uses a customised modular approach to helping customers allowing financial services organisations to take a step-by-step journey to wealth management, to ease integration and to address their most pressing business needs first.