Unit of competency Outline
Date retreived
23/07/2026 12:32 AM AWST
23/07/2026 12:32 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
CHCFIN003
CHCFIN003
State Code
AWA85
AWA85
TGA Status
Replaced
Replaced
DTWD Status
Replaced
Replaced
State Implementation and Classification
Approved Date
04/05/2016
Field of Education
081199 - Banking, Finance And Related Fields, N.e.c.
Original Release Date
04/05/2016
Nominal Hours
60
Description
This unit describes the skills and knowledge required to take a structured approach to the development of written tools and resources that support financial counselling.This unit applies to financial counsellors who work in agencies that meet the requirements for the Australian Securities and Investments Commission (ASIC) exemption from a financial services or credit licence.The skills in this unit must be applied in accordance with Commonwealth and State/Territory legislation, Australian/New Zealand Standards and industry codes of practice.
Notes
Elements and Performance Criteria
1. Clarify client’s financial position
- 1.1 Review and use client information to inform preparation of 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 according to organisation protocol
- 2.2 Identify and source existing standardised resources for use in advocacy
- 2.3 Apply appropriate negotiation tools and techniques to advocate and negotiate on behalf of client
- 2.4 Undertake telephone and face-to-face negotiations as required to meet and/or improve client’s financial position
- 2.5 Obtain third party authority to act on behalf of client in appropriate format
- 2.6 Collect and use appropriate documentation to support the advocacy process
3. Collect and develop resources and provide to 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
- 3.4 Provide client with relevant, clear and targeted resource materials to inform and assist the client to improve their financial position
- 3.5 Undertake research as a basis for preparing an information package on client issues for their later reference
- 3.6 Ensure written materials are written in a succinct and clear way and are presented logically and sequentially to match third party needs with client objectives
- 3.7 Ensure all written documentation produced addresses financial counselling sector standards and practices
No information
No information
Replaces
| State Code | National Code | Title | Type |
|---|---|---|---|
| D2531 | CHCFIN503A | Develop and use financial counselling tools and techniques | Unit of competency |
Replaced By
| State Code | National Code | Title | Type |
|---|---|---|---|
| OEO59 | CHCFIN008 | Apply professional standards in financial counselling | Unit of competency |
| State Code | National Code | Title | Type |
|---|---|---|---|
| AYZ5 | CHC51115 | Diploma of Financial Counselling | Qualification |