Roman, a year ago, Swiss Life acquired a majority stake in Zwei Wealth. What were Swiss Life’s motivations, and what conclusions do you draw after a year?
Roman Stein: With the acquisition of Zwei Wealth, we’ve tapped into a new target client segment in the HNWI sector that we hadn’t previously served systematically. This positions Swiss Life in Switzerland as a comprehensive provider across all client segments and allows us to attract new clients—in addition to our existing retail and affluent investment business—by strategically expanding our offering for clients with larger assets. Another key factor was that Zwei Wealth’s Wealth Office concept and partner model are a very good fit for Swiss Life. This has now been confirmed in our first year together. We are very satisfied with what we’ve achieved so far and see this as validation of the strategic direction we’ve taken.
When it comes to acquisitions, people tend to think of integration and cost-cutting programs. Zwei Wealth, on the other hand, retains its independence. Will that remain the case?
Roman Stein: Yes! We view Zwei Wealth as a largely independent organisation within Swiss Life Switzerland. Our goal is to continue expanding the Wealth Office business over the long term and to invest strategically in its growth. We’re convinced that this business segment offers significant potential. Swiss Life also has many years of experience in further developing successful acquisitions as independent entities and fostering their sustainable growth. This is exactly the approach we’re taking with Zwei Wealth.
Patrick, what has changed at Zwei Wealth since the acquisition?
Patrick Müller: For our clients, as well as our partners and employees, nothing has changed in their day-to-day work—that was and remains very important to us. There’s no question that in the first few months following such an announcement, initial scepticism among clients and advisors is noticeable. However, everyone quickly realised that Swiss Life is serious about maintaining Zwei Wealth’s independence. The feedback from people who weren’t yet clients was also surprisingly positive. For many, the acquisition reinforced their sense of security in Zwei Wealth and encouraged them to choose Zwei Wealth. For example, we were able to increase assets under management by more than 1.3 billion Swiss francs that year. We were very pleased by this trust, and it motivated us.
Klaus, you co-founded Zwei Wealth in 2014. What do you see as the greatest value of this partnership?
Klaus Wellershoff: We founded Zwei Wealth as a new, forward-looking model for wealth management—consistently client-focused, independent, transparent, and technology-driven. This model has proven itself in the market and was scaled up significantly once again with the launch of the platform in 2021. The partnership with Swiss Life strengthens precisely this independence and further development, enabling us to bring the new model to a significantly larger client base. We can continue to provide our clients with solutions from a network of over 600 providers—while simultaneously benefiting strategically from Swiss Life’s reach and experience. Furthermore, Swiss Life’s institutional stability provides additional security. Our clients know that we’ll still be there for their grandchildren.
Roman, we’ve heard a lot about Zwei Wealth’s independent growth. Are there any areas where Swiss Life and Zwei Wealth are already collaborating?
Roman Stein: That’s an important point. Yes, last year we conducted a pilot program in which we trained selected advisors from Swiss Life’s sales teams on the Zwei Wealth offering. The goal was to see if they could use the Wealth Office offering to attract clients with larger assets from their networks. The feedback from clients and advisors was very positive. We see a lot of potential here.
Patrick Müller: This is also very important for our Wealth Office partners. After all, we’re primarily represented in Zurich and Geneva. Together with our colleagues at Swiss Life, we can introduce clients in all major Swiss cities to the opportunities offered by a Wealth Office.
Patrick, in addition to the advisors and Wealth Officers, the digital Wealth Office platform is also a core component. How will the platform evolve in the future?
Patrick Müller: We want to continue expanding the Wealth Office platform and remain a leader in terms of technology and functionality. We’ve already made many improvements here and are very much looking forward to the major new release this autumn, which will represent another huge leap forward for both clients and partners.
Klaus, what do you think makes the platform unique?
Klaus Wellershoff: It’s the interplay of advice, comparability, and genuine client focus. Thanks to the transparency and clarity the platform provides, the focus is not on the product but on the benefit to the client. We combine personal trust with technological transparency. Through the Wealth Office, clients can see at any time how their asset managers are performing compared to others, how costs and strategies stack up—and can act on that information. That’s independence in action.
Roman, what does this partnership mean specifically for existing Swiss Life clients?
Roman Stein: We can now offer our clients in the highest wealth segment an established and specialised service. Existing HNWI clients gain access to the Zwei Wealth platform and, with it, to an advisory model based on independent selection, ongoing monitoring, and continuous optimisation of their wealth management solutions. At the same time, they remain closely connected to their trusted contact person at Swiss Life. This is how we combine the strengths of both worlds.
Klaus, where do you see Zwei Wealth in five years?
Klaus Wellershoff: In five years, all target clients will have learned about the possibilities offered by having their own Wealth Office. I’m convinced that in five years we’ll see a completely new dynamic in the market, and Zwei Wealth, in partnership with Swiss Life, will be the leading provider in this space. This will be a much better world for clients as well as for reputable banks and asset managers. Working toward that goal continues to motivate me.
Roman, one final thought: What opportunities do you hope to see in the medium to long term?
Roman Stein: In the long term, we see great potential, particularly in the synergy between sales and advisory services, in expanding the platform, and in gaining access to new markets. Zwei Wealth should retain the necessary entrepreneurial freedom while we learn from one another and systematically tap into synergies.
Patrick Müller: Roman, looking back on our first year together, I consider that our most important achievement. We share a common understanding of the opportunities and, at the same time, are proceeding in true Swiss fashion—without rushing things. Our clients notice this, and so do all our partners and employees.
Nadeschda Hoidn Wiede: We’d like to thank you all very much for the discussion and look forward to another conversation in a year’s time.
The Interviewees
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