If you want to build your wealth but have a lower than average tolerance for risk, then read on.

That's because the two ASX shares in this article could be great long term picks for investors looking for safe options.

They are high quality companies with strong business models, competitive advantages, and fair valuations. These are three characteristics that usually make an ASX share a good and safe investment.

Let's see why analysts rate these safe ASX shares as buys:

CSL Ltd (ASX: CSL)

While the biotechnology industry is a higher risk area of the market, safe options can be found within.

One of those is CSL, which is arguably one of the highest quality companies that you can find on the Australian share market.

It is the owner of the CSL Behring, CSL Seqirus, and CSL Vifor businesses. These are leaders in their respective fields of plasma-derived therapies, flu vaccines, and iron deficiency products.

Goldman Sachs has just initiated coverage on the ASX share with a buy rating and $325.40 price target. It commented:

Our Buy thesis is driven by (1) Double digit IG growth (GSe: +12.6% FY23-FY28E CAGR) underpinned by low penetration (including CIDP) and ~100bps YoY market share gains. Our channel checks indicate CSL's competitive advantages are intact, with the expansion in fractionation capacity set to enhance CSL's superior cost profile and supply reliability, (2) Strong Gross Margin (GM%) recovery with Behring plasma collection costs per liter set to meaningfully decline (-14.6% FY26E vs FY24), and (3) Rebound in Seqirus growth from depressed US influenza vaccination rates.

Telstra Group Ltd (ASX: TLS)

Another safe ASX share that could be a buy right now is telco giant Telstra.

The telecommunications sector is a very defensive part of the share market. After all, internet and mobile phones are must-haves for most Australians. And with Telstra the clear market leader and competition in the sector remaining rational, it appears well-placed to deliver low risk growth in the coming years.

Goldman Sachs believes this will be the case. It recently said:

We believe the low risk earnings (and dividend) growth that Telstra is delivering across FY22-25, underpinned through its mobile business, is attractive. We also believe that Telstra has a meaningful medium term opportunity to crystallise value through commencing the process to monetize its InfraCo Fixed assets – which we estimate could be worth between A$22-33bn.

The broker has a buy rating and $4.50 price target on Telstra's shares.