The Swiss Life Group has established a wealth management division to offer private clients advisory and individual asset management services from a single source.

The move forms part of the insurer’s “Swiss Life 2024” strategy programme and seeks to strengthen its advisory services for different customer requirements and segments in Switzerland.

Swiss Life Wealth Managers will provide personalised wealth management, financial planning, taxes and retirement to private individuals.

The division opened its first office in Zurich with a plan to open a second location in Winterthur shortly.

The firm said it will add additional locations will be added in the coming years to expand its offering to other regions in Switzerland.

Swiss Life CEO Markus Leibundgut said: “We see an increasing need for comprehensive advice and customized investment opportunities in the growing affluent market segment.

“Swiss Life Wealth Managers supports private individuals in tailoring their financial planning to their individual needs. In this way we make a decisive contribution to the self-determination of our customers.”

As part of the Swiss Life 2024 startegy, Swiss Life is seeking to raise the assets under management of private customers in the home market to more than CHF6.5bn in the next two years.

The firm is eyeing a significant contribution from the development of the affluent segment to achieve this target and support long-term growth in the fee business.

In 2019, Swiss Life Asset Managers acquired Fontavis, a sustainable investment manager based in Switzerland, for an undisclosed amount.