AUSCOAL Super is to change its name to Mine Wealth + Wellbeing from July 1 after market research showed its members were looking for ‘more than super’.
The move goes hand in hand with a new range of products – some ready to go live in July and others in development, which will include credit cards, white-labelled home loans at “competitive rates” and help in “navigating aged care”.
The home loans and credit cards are being offered with the Mine Wealth + Wellbeing logo, but will be provided through a credit union.
The impetus for the product ranges in part reflects the high balances of AUSCOAL members – the average balance is $108,908 and the median balance is $57,838.
Bruce Watson, chief executive of AUSCOAL Super, said the name change and new strategic direction was in step with the fund’s desire to know and serve its members.
“Extensive market research showed us that many members and their families are looking for ‘more than super’,” he said. “For our members, that translates into information, guidance and advice at other stages of their life, and through life events other than retirement.”
The research has led to greater segmentation of AUSCOAL’s membership, which has informed the current development of new wealth and wellbeing solutions for different life stages.
Watson described the new strategic direction as helping its members “grow through life” and strengthening the relationship it had with them. “Every decision we make is a direct result of listening to our members and constantly having them at the centre of everything we do,” said Watson. “We can’t wait to help members mine their potential.”
In line with the change the Auscoal website has the new address www.mine.com.au