Aust Unity plans to grow member base
AustralianUnityis to expand its membership base to include investors in its unit trusts and property syndicates.
Currently, the only way to be a member of Australian Unity, and have voting powers, is to invest in a friendly society bond or join the health fund.
Chairman Alan Castleman says the reason for expanding the membership was to maintain the mutual structure.
Currently, Australian Unity has 200,000 members and this would be expanded considerably if investors and clients of the company’s insurance products were included.
Castleman says the board is still finalising the exact details of membership, however, it is expected there will be some requirements to being granted membership.
It is understood Australian Unity wants to avoid individuals or a group gaining a substantial stake in the company through investing in low premium products.
Financial planners who sell Australian unity products probably would not gain membership rights, unless they bought a product in their own name.
The new membership structure is expected to be announced early next year.
In a separate move, Castleman said the new financial planning operation is expected to have $100 million of funds under advice by the end of this financial year.
Australian Unity is converting its insurance and health agency outlets around Victoria into franchised operations that will include financial planning.
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