Selma, a Zurich-based digital wealth manager, has appointed former Swiss Life Group CEO Bruno Pfister as a strategic adviser.

In this role, he will help the company guide clients before and after retirement through a combination of AI-powered and personal advice.

Pfister served as Group CEO of Swiss Life from 2008 to 2014. He brings more than three decades of experience in banking, insurance and pensions, according to Selma.

The appointment supports the company’s plans to expand its retirement advisory services.

Each year, more than 100,000 people retire in Switzerland, the company said.

About half of them withdraw some or all of their pension fund assets as a lump sum, which amounts to around CHF 17 billion annually.

Retirees in this position often face several complex decisions. They must choose between an annuity and a lump sum.

In addition, they need to plan how to stagger withdrawals from the second pillar (Switzerland’s workplace pension scheme) and pillar 3a (a tax-advantaged private savings account).

Timing withdrawals for tax efficiency and investing savings safely over the long term are also part of the process.

Selma said it aims to make advice on these decisions accessible to a broader group of people, rather than only to very wealthy clients.

“With Bruno, we’re gaining someone who knows the Swiss pension market like few others. His experience will help us make Selma a trusted companion for the years around retirement,”

said Patrik Schär, CEO at Selma.

“Many people feel left alone with financial questions and simply overwhelmed by big decisions, such as whether to take their pension as an annuity or a lump sum.

Selma gives these people simple, cost-efficient access to AI-based advice and digital, personalised wealth management,”

said Bruno Pfister, strategic adviser at Selma.

Founded in 2016, Selma operates as an independent asset manager authorised by FINMA, Switzerland’s financial markets regulator.

Featured image: Edited by Fintech News Switzerland, based on image by Selma via its Press Release and zendaIA via Magnific.