Assessor Resource

CHCFIN503A
Develop and use financial counselling tools and techniques

Assessment tool

Version 1.0
Issue Date: May 2024


This unit is to be applied in the context of providing clients with a resource to assist them to make informed decisions about financial issues

In order to qualify for the ASIC exemption from the delivery of financial service contained in the Financial Services Reform Amendment Act (2003) a financial counsellor must be eligible for membership of the financial counselling association recognised in their State or Territory

Financial counselling operates from a strengths-based and client-focused model

This 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

You may want to include more information here about the target group and the purpose of the assessments (eg formative, summative, recognition)

Prerequisites

Not Applicable

Employability Skills

This unit contains Employability Skills



Evidence Required

List the assessment methods to be used and the context and resources required for assessment. Copy and paste the relevant sections from the evidence guide below and then re-write these in plain English.

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

Submission Requirements

List each assessment task's title, type (eg project, observation/demonstration, essay, assingnment, checklist) and due date here

Assessment task 1: [title]      Due date:

(add new lines for each of the assessment tasks)

Assessment Tasks

Copy and paste from the following data to produce each assessment task. Write these in plain English and spell out how, when and where the task is to be carried out, under what conditions, and what resources are needed. Include guidelines about how well the candidate has to perform a task for it to be judged satisfactory.

This describes the essential skills and knowledge and their level required for this unit.

Essential knowledge:

The candidate must be able to demonstrate essential knowledge required to effectively do the task outlined in elements and performance criteria of this unit, manage the task and manage contingencies in the context of the identified work role

These include knowledge of:

Agency policies and procedures

Legal framework

Financial systems and framework

Social, economic and government policy context

Duty of care

Support networks

Model for preparing financial statements and budgets

Social, economic and government policy context

Essential skills:

It is critical that the candidate demonstrate the ability to:

Use a range of communication skills effectively, including:

telephone

written

face-to-face

Demonstrate application of skills in:

research

negotiation

advocacy

client facilitation

Present evidence to support a case

Research and prepare resource information for clients

Research and prepare resource tools for use in financial counselling

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

Copy and paste from the following performance criteria to create an observation checklist for each task. When you have finished writing your assessment tool every one of these must have been addressed, preferably several times in a variety of contexts. To ensure this occurs download the assessment matrix for the unit; enter each assessment task as a column header and place check marks against each performance criteria that task addresses.

Observation Checklist

Tasks to be observed according to workplace/college/TAFE policy and procedures, relevant legislation and Codes of Practice Yes No Comments/feedback
Use available information to prepare a statement of assets and liabilities for the client 
Work with the client to prepare a statement of income and expenditure in line with their immediate and ongoing financial situation 
Identify and clarify for the client the different elements of their financial position 
Develop written tools for use in advocacy and negotiation 
Apply appropriate negotiation tools and techniques to advocate and negotiate on behalf of client 
Undertake telephone and face-to-face negotiations as required to meet and/or improve client's financial position 
Obtain signed letter of authority to act on behalf of client 
Collect and use appropriate documentation to support the advocacy process 
Use standard checklists to develop and review resource materials that contain relevant and current information 
Maintain currency and completeness of available resources 
Prepare resources as a basis for addressing duty of care requirements when undertaking financial counselling with clients 
Provide client with relevant, clear and targeted resource materials to inform and assist the client to improve their financial position 
Use a standard format to develop an action plan in partnership with client 
Undertake research as a basis for preparing an information package on client issues for their later reference 
Ensure writing is succinct and clear and presented in a logical and sequential way to match third party needs with client objectives 
Ensure all written documentation produced addresses financial counselling sector standards and practices 
Prepare and provide appropriate and timely correspondence to clients and other parties as required 

Forms

Assessment Cover Sheet

CHCFIN503A - Develop and use financial counselling tools and techniques
Assessment task 1: [title]

Student name:

Student ID:

I declare that the assessment tasks submitted for this unit are my own work.

Student signature:

Result: Competent Not yet competent

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Assessor name:

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Assessment Record Sheet

CHCFIN503A - Develop and use financial counselling tools and techniques

Student name:

Student ID:

Assessment task 1: [title] Result: Competent Not yet competent

(add lines for each task)

Feedback to student:

 

 

 

 

 

 

 

 

Overall assessment result: Competent Not yet competent

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