Yes, there is a way:
Im going to give a short explanation about it with pics =P
1st U download
Then open mabinogi client and press start.
Before Failshield loads open a second client but dont press start
u should now have the client that u first opened on the title screen and the second one with the"start botton"
now u open process Explorer and search for the 2 values on client.exe on the pictures bellow

after that u should press start and ur client 2nd client should load failshield and start normally too.