Unit of competency Outline
Date retreived
22/07/2026 8:33 AM AWST
22/07/2026 8:33 AM AWST
Whilst all efforts are made to provide accurate and timely information from the relevant source/documentation, please be aware that the information supplied may not be the most current version. The accuracy of the detail has not been confirmed by the Department and therefore should not be relied upon without first confirming the contents.
Develop and use financial counselling tools and techniques
Develop and use financial counselling tools and techniques
Unit of competency
National Code
CHCFIN503A
CHCFIN503A
State Code
D2531
D2531
TGA Status
Replaced
Replaced
DTWD Status
Replaced
Replaced
State Implementation and Classification
Approved Date
21/07/2014
Field of Education
081199 - Banking, Finance And Related Fields, N.e.c.
Original Release Date
21/07/2014
Nominal Hours
50
Description
DescriptorThis unit describes the knowledge and skills required for a financial counsellor to take a structured approach to providing clients with a resource in a pre-determined format to empower them to make informed decisions about present and future financial issues
Notes
Elements and Performance Criteria
1. Clarify client's financial position
- 1.1 Use available information to prepare a statement of assets and liabilities for the client
- 1.2 Work with the client to prepare a statement of income and expenditure in line with their immediate and ongoing financial situation
- 1.3 Identify and clarify for the client the different elements of their financial position
2. Develop and use advocacy and negotiation tools
- 2.1 Develop written tools for use in advocacy and negotiation
- 2.2 Apply appropriate negotiation tools and techniques to advocate and negotiate on behalf of client
- 2.2 Undertake telephone and face-to-face negotiations as required to meet and/or improve client's financial position
- 2.3 Obtain signed letter of authority to act on behalf of client
- 2.4 Collect and use appropriate documentation to support the advocacy process
3. Collect and develop resources to assist and inform clients
- 3.1 Use standard checklists to develop and review resource materials that contain relevant and current information
- 3.2 Maintain currency and completeness of available resources
- 3.3 Prepare resources as a basis for addressing duty of care requirements when undertaking financial counselling with clients
4. Provide client with relevant resources
- 4.1 Provide client with relevant, clear and targeted resource materials to inform and assist the client to improve their financial position
- 4.2 Use a standard format to develop an action plan in partnership with client
- 4.3 Undertake research as a basis for preparing an information package on client issues for their later reference
5. Produce quality written materials to assist client outcomes
- 5.1 Ensure writing is succinct and clear and presented in a logical and sequential way to match third party needs with client objectives
- 5.2 Ensure all written documentation produced addresses financial counselling sector standards and practices
- 5.3 Prepare and provide appropriate and timely correspondence to clients and other parties as required
RANGE STATEMENT
The Range Statement relates to the unit of competency as a whole. It allows for different work environments and situations that may affect performance. Add any essential operating conditions that may be present with training and assessment depending on the work situation, needs of the candidate, accessibility of the item, and local industry and regional contexts.
Information on clients financial situation and relevant personal details will include:
Income and entitlements
Credit and debt commitments
Assets
Household expenditure
Possible sources of financial assistance
Employment status
Constituents of Household
Any personal issues with direct impact on the financial situation
Status and validity of contracts may include:
Original documents
Signatories
Guarantors
Co-borrowers
Timeframe
Contract calculations
Security
Payment history
Written tools for use in advocacy and negotiation may include:
Letters to achieve a specific advocacy purpose
Letter to represent the needs of specific clients or client groups
Reports for funding bodies
Citizens advocacy kits
Checklists
Action plan may be:
Short term or long term
Strategies to address their circumstances may include:
Assessment of the legality of debts
Assessment of possible legal remedies
Development of a money plan
Strategies for increasing income
Strategies for decreasing expenditure
Strategies for reducing credit and debt problems
Referral to other appropriate professionals
Referrals to range of support services that may address client issues may include:
Government income support agencies
Support agencies for mental health, domestic violence, alcohol and other drugs (AOD) issues, gambling counselling etc.
Accommodation agencies including emergency housing agencies
Community health centres
Family support agencies
Local community support networks
Financial assistance agencies
Emergency relief agencies
Dispute Resolution Services
Free legal services
Other Counselling services
Clinical supervision may include:
General supervision by a senior financial counsellor
Mentor group meetings
Review with peers
Interagency meetings to discuss cases
Professional development activities may include:
In-house training
External training
Attendance at conferences, seminars
Clinical supervision
Attendance at industry association activities
Case presentations/discussions
The Range Statement relates to the unit of competency as a whole. It allows for different work environments and situations that may affect performance. Add any essential operating conditions that may be present with training and assessment depending on the work situation, needs of the candidate, accessibility of the item, and local industry and regional contexts.
Information on clients financial situation and relevant personal details will include:
Income and entitlements
Credit and debt commitments
Assets
Household expenditure
Possible sources of financial assistance
Employment status
Constituents of Household
Any personal issues with direct impact on the financial situation
Status and validity of contracts may include:
Original documents
Signatories
Guarantors
Co-borrowers
Timeframe
Contract calculations
Security
Payment history
Written tools for use in advocacy and negotiation may include:
Letters to achieve a specific advocacy purpose
Letter to represent the needs of specific clients or client groups
Reports for funding bodies
Citizens advocacy kits
Checklists
Action plan may be:
Short term or long term
Strategies to address their circumstances may include:
Assessment of the legality of debts
Assessment of possible legal remedies
Development of a money plan
Strategies for increasing income
Strategies for decreasing expenditure
Strategies for reducing credit and debt problems
Referral to other appropriate professionals
Referrals to range of support services that may address client issues may include:
Government income support agencies
Support agencies for mental health, domestic violence, alcohol and other drugs (AOD) issues, gambling counselling etc.
Accommodation agencies including emergency housing agencies
Community health centres
Family support agencies
Local community support networks
Financial assistance agencies
Emergency relief agencies
Dispute Resolution Services
Free legal services
Other Counselling services
Clinical supervision may include:
General supervision by a senior financial counsellor
Mentor group meetings
Review with peers
Interagency meetings to discuss cases
Professional development activities may include:
In-house training
External training
Attendance at conferences, seminars
Clinical supervision
Attendance at industry association activities
Case presentations/discussions
EVIDENCE GUIDE
The evidence guide provides advice on assessment and must be read in conjunction with the Performance Criteria, Required Skills and Knowledge, the Range Statement and the Assessment Guidelines for this Training Package.
Critical aspects for assessment and evidence required to demonstrate this unit of competency:
The individual being assessed must provide evidence of specified essential knowledge as well as skills
This unit is best assessed in the workplace or in a simulated workplace under the normal of range conditions
Assessment should be gathered on one or more occasions but must reflect the normal range of client situations encountered in the workplace
Access and equity considerations:
All workers in community services should be aware of access, equity and human rights issues in relation to their own area of work
All workers should develop their ability to work in a culturally diverse environment
In recognition of particular issues facing Aboriginal and Torres Strait Islander communities, workers should be aware of cultural, historical and current issues impacting on Aboriginal and Torres Strait Islander people
Assessors and trainers must take into account relevant access and equity issues, in particular relating to factors impacting on Aboriginal and/or Torres Strait Islander clients and communities
Context of and specific resources for assessment:
This unit can be assessed independently, however holistic assessment practice with other community services units of competency is encouraged
Resources required for assessment of this unit include access to:
an appropriate workplace where assessment can take place or simulation of realistic workplace setting for assessment
Method of assessment:
In cases where the learner does not have the opportunity to cover all relevant aspects in the work environment, the remainder should be assessed through realistic simulations, projects, previous relevant experience or oral questioning on 'What if?' scenarios
Assessment of this unit of competence will usually include observation of processes and procedures, oral and/or written questioning on Essential knowledge and skills and consideration of required attitudes
Where performance is not directly observed and/or is required to be demonstrated over a 'period of time' and/or in a 'number of locations', any evidence should be authenticated by colleagues, supervisors, clients or other appropriate persons
Related units:
This unit is part of a suite of units that describe the financial counselling process and are to be assessed concurrently or sequentially:
CHCFIN501A Identify and apply technical information to assist clients with financial issues
CHCFIN502A Facilitate the financial counselling process
CHCFIN503A Develop and use financial counselling tools and techniques
The evidence guide provides advice on assessment and must be read in conjunction with the Performance Criteria, Required Skills and Knowledge, the Range Statement and the Assessment Guidelines for this Training Package.
Critical aspects for assessment and evidence required to demonstrate this unit of competency:
The individual being assessed must provide evidence of specified essential knowledge as well as skills
This unit is best assessed in the workplace or in a simulated workplace under the normal of range conditions
Assessment should be gathered on one or more occasions but must reflect the normal range of client situations encountered in the workplace
Access and equity considerations:
All workers in community services should be aware of access, equity and human rights issues in relation to their own area of work
All workers should develop their ability to work in a culturally diverse environment
In recognition of particular issues facing Aboriginal and Torres Strait Islander communities, workers should be aware of cultural, historical and current issues impacting on Aboriginal and Torres Strait Islander people
Assessors and trainers must take into account relevant access and equity issues, in particular relating to factors impacting on Aboriginal and/or Torres Strait Islander clients and communities
Context of and specific resources for assessment:
This unit can be assessed independently, however holistic assessment practice with other community services units of competency is encouraged
Resources required for assessment of this unit include access to:
an appropriate workplace where assessment can take place or simulation of realistic workplace setting for assessment
Method of assessment:
In cases where the learner does not have the opportunity to cover all relevant aspects in the work environment, the remainder should be assessed through realistic simulations, projects, previous relevant experience or oral questioning on 'What if?' scenarios
Assessment of this unit of competence will usually include observation of processes and procedures, oral and/or written questioning on Essential knowledge and skills and consideration of required attitudes
Where performance is not directly observed and/or is required to be demonstrated over a 'period of time' and/or in a 'number of locations', any evidence should be authenticated by colleagues, supervisors, clients or other appropriate persons
Related units:
This unit is part of a suite of units that describe the financial counselling process and are to be assessed concurrently or sequentially:
CHCFIN501A Identify and apply technical information to assist clients with financial issues
CHCFIN502A Facilitate the financial counselling process
CHCFIN503A Develop and use financial counselling tools and techniques
Replaced By
| State Code | National Code | Title | Type |
|---|---|---|---|
| AWA85 | CHCFIN003 | Develop and use financial counselling tools and techniques | Unit of competency |
| State Code | National Code | Title | Type |
|---|---|---|---|
| D325 | CHC52108 | Diploma of Community Services (Financial counselling) | Qualification |
| D335 | CHC80308 | Graduate Diploma of Family Dispute Resolution | Qualification |