THE odds of winning the jackpot may be astronomical, but dozens of lucky people in Ireland have still become wealthy beyond their dreams over the last 10 years. Others experience a similar surge in their personal wealth, but through the less dramatic method of inheritance. Both groups share a very similar problem - what to do with their new found wealth.

The main banks and a number of large accountancy practices, stockbrokers and investment advisers offer advice and services from their Private Client Divisions. All of them offer investment options and some will also arrange pensions, mortgages and life assurance.

Ulster Bank Investment Managers (UBIM) has recently relaunched its private clients service, under the direction of Eugene Curran, who spent eight years in a similar capacity at Lloyds Bank in Britain. UBIM provides investment options directed, not surprisingly, towards UBIM investments (which include equities, bonds and cash), but which, Mr Curran insists, also takes account of the attractiveness of low-risk products like Special Savings Accounts and post office savings certificates or bonds. This service is available for clients with minimum sums of £150,000. Customers can meet the Private Clients office twice a year and are sent a monthly investment update. UBIM has been one of the top investment fund managers over the last number of years.

We asked Mr Curran to provide an investment strategy for a customer who has either won or inherited a £500,000 lump sum and to describe the mechanics of the consultancy process. We described his subject as a man aged 48, married with two teenaged children aged 13 and 15, whom he hopes will go to college. He earns £30,000 a year gross and is a member of an occupational pension scheme. His wife, 46, works in the home. Their mortgage matures in 16 years and has £25,000 outstanding.

"The first thing that needs to be done is to set up a meeting to establish the person's risk tolerance level," says Mr Curran from his offices at George's Quay in Dublin. "You cannot advise a single portfolio in every case, it has to be tailored to the risk the person is prepared to take. Even that isn't an exact science, but once this is established you also need to find out their capital needs and their investment time frame. Unless they have at least a five-year view there is no point in even looking at unit funds.

"I am assuming this client isn't going to stop working and that he is prepared to take a moderate risk with his investment. It is a compelling case for spreading the investments and not concentrating solely on anyone fund or even Post Office account.

Mr Curran established the following objectives for this client:

(a) To provide for the children's third level education.

(b) To transfer capital to each child to give them a financial base.

(c) To increase net annual income by a modest £10,000.

(d) To generate capital growth to provide greater financial security in the future.

(e) To increase pension entitlements.

(f) To achieve tax efficiency.

Part two of his report to the client was to provide an easy to follow breakdown of where exactly to invest the £500,000:

"First of all I would suggest that £25,000 be used to pay off the mortgage. The £200 per month mortgage payment he is paying could be used to contribute to an AVC. Apart from increasing retirement provisions it is also highly tax efficient, attracting 48 per cent relief. Funding an AVC rather than a mortgage increases discretionary income.

"Next we would give the children a £50,000 gift, £25,000 to each on the understanding that it is a long-term investment. A low cost single premium managed growth unit-linked fund with approximately 70 per cent in equities add 30 per cent in gilts would be suitable. The policy would be written in trust for the benefit of the child who would become absolutely entitled to the capital on attaining majority.

"I am suggesting that a cash deposit of £45,000 be set up to provide some liquidity - a peace-of-mind fund to buy a new car, take holidays or do a home extension. £40,000 could be placed in a Special Savings Account and £5,000 on demand deposit.

"In order to make provision for the children's third level education £15,000 should be invested in An Post Savings Bonds which will mature in three years time with a value of £17,500. Their maturity will coincide with the eldest child starting university and the proceeds should be sufficient to fund college expenses for four years. Another £15,000 should be invested in An Post Savings Certificates which will mature in four and a half years with a value of £20,175, coinciding with the youngest child starting university. The proceeds, which are tax free, should be sufficient to fund four years of college expenses.

"Finally, I recommend that the balance of the windfall - £350,000 be put into a mix of equity and gilt unit trust funds. The exact proportion of equities to gilts depends on the couple's risk tolerance. The required annual income of £10,000 can be taken from this unit trust portfolio, the proceeds of which are tax free."

The entire fact finding, the proposal and implementation process, which includes instructions to pay off the mortgage, setting up of different accounts, the children's trust fund and a new Will, shouldn't take more than three meetings, says Mr Curran. The cost of the service includes the bid/offer spread or initial fee in the setting up of the investment funds, which in the case of UBIM equity funds is a very reasonable 2 per cent. An annual management fee of 0.75 per cent of the value of the portfolio would also be charges where its direct holdings are under active management, but this does not apply in this case.

The cost of this particular bank's investment advice is very low. Fee-based independent advisers may charge an annual management fee or retainer and you may still incur bid/offer spreads. But investors need to keep in mind, however, that unlike the truly independent adviser who can recommend a wider range of products, banks/stockbrokers who offer services like this will only recommend their own organisations investment and deposit products, with the exception of low cost/low tax Post Office products. Given the good, long term performance track record of banks like UBIM (and, it must be said, Bank of Ireland's investment division) the lack of total objectivity might be a price cautious investors are prepared to pay.