The only financial wellness app made with LCMS workers in mind
We’ve heard you have questions about the BeFine financial planning tool. We’re here to help! Here’s more information about how BeFine can work for you:
BeFine uses the same trusted financial institution connection tool, called Plaid, that is used by some of the most popular online payment apps such as Venmo, Chime, SoFi, and Acorns; also Plaid is certified ISO 27001, ISO 27701, and SSAE18 SOC 2 compliant1. BeFine can only view and import account information from linked bank and other financial accounts; it never makes changes to your account and never stores personal banking information or shares it with anyone including your employer, Concordia Plans or any third party.
The Concordia Plans team can only see if your account is being used based on your login activity. Any other individual data you enter or any data in your synced accounts is not shared with your employer or benefits provider.
BeFine never advertises or sells products or services. We also do not sell or give any user data to any outside entities. BeFine does include information on resources and benefits available through Concordia Plans and may include opportunities available through other LCMS Ministries.
Checking, savings, credit cards, mortgages and some loans can all be connected to BeFine electronically. Your employer-provided benefits such as the Concordia Retirement Savings Plan 403(b) and Concordia Retirement Pension Plan are automatically connected. Currently, retirement plans such as IRAs that are outside your employer’s offerings, must be entered and updated manually.
While connecting accounts helps BeFine do more for you automatically, it’s possible to use it without connecting to any financial institution. You can still track progress against a budget, debt and emergency fund goals as well as access your retirement benefit information.
Questions about BeFine’s features:
BeFine can help build a financial wellness plan for you. That takes the guesswork out of what to do, when to do it and how much to allocate to each financial goal.
BeFine lets you:
View your salary and Concordia Plans benefits (including insurance).
Receive reminders and encouragement to help you meet your financial goals.
Create a holistic picture of your finances, all in one place by connecting with your other financial institutions.
Include information and accounts related to your spouse so that you can handle your finances on a full household basis.
Track your spending and improve your money management with the budgeting feature.
Understand how much you should save for a rainy day and then makes a savings plan that fits your budget.
Prioritize your debt so you can create a plan to pay it off quicker.
Access CPS Financial Educators for personal guidance and support.
Access planning resources for your retirement benefits.
If I am financially well, why would this application be useful?
If you feel you are in a good financial position, don’t stop there. You can use BeFine to help continue to improve your money management skills, achieve your financial goals and plan for retirement. Even if you feel financially well, BeFine might address issues that you haven’t thought of.
BeFine does more than help with your budget! It includes access to ProManage Vision to help you prepare for retirement, and can send helpful reminders to you – like when bills are due.
Questions about the benefits of BeFine:
Banking apps are typically built for everyone. BeFine was designed with Concordia workers in mind.
BeFine was created based on interviews with Concordia Plans members to understand your financial challenges and can give a more holistic view of your financial wellness beyond what a banking app can generally provide. Also, your current banking application does not include any Concordia Plans-provided benefits, which are automatically available in BeFine.
Unlike some other financial planning tools, BeFine does not ask you to educate yourself on the nuances of financial wellness. Instead, BeFine understands your situation and gives you recommended actionable next steps. This approach lets you tackle your finances with clarity and confidence.
One misconception about finances is that financial planning and guidance is only for those who have high salaries or lots of assets. But that’s not true – financial planning and guidance may be even more important for those with lower salaries or fewer assets! It’s not how much you make, it’s how you manage what you have. No matter what your salary is, BeFine can recommend small, actionable changes to help you get closer to your financial goals.
Our CPS Financial Educators are happy to help you meet your financial and retirement goals. In addition to helping you navigate the tool, they can work with you to create a personal plan to meet your financial goals. You can set up a free one-on-one virtual or phone session with a Financial Educator by emailing [email protected].
BeFine is customized to reflect the amount of information you add. The more information that is provided, the better BeFine can reflect your circumstances. BeFine is already customized for LCMS workers in that it automatically pulls in the salary reported by your employer, your pension and participating 403(b) savings.
Questions about using BeFine:
No! BeFine is available at no cost to any active worker enrolled in the Concordia Retirement Plan. In addition, there are no advertisements that appear in BeFine.
Yes! You can access BeFine through the website or through an app on your phone. No matter how you access it, you will be able to log in and see the same information.
Checking, savings, credit cards, mortgages and some loans can all be connected to BeFine electronically, including those from the Lutheran Church Extension Fund (LCEF) and the Lutheran Federal Credit Union (LFCU). Your employer-provided benefits through Concordia Plans, such as your health plan elections, retirement pension benefits, and Concordia Retirement Savings Plan 403(b) account are automatically connected. Other retirement plans such as IRAs that are outside your employer’s offerings can be entered and updated manually.
Most LCMS-related financial institutions can be connected to BeFine through a trusted financial institution connection tool called Plaid. LCMS-related institutions are located at the top of the list of linked institutions.
Sometimes you may not see your financial institution listed because an abbreviation or acronym in the name may make it difficult to find. If you have any questions, you can contact ProManage for assistance by emailing [email protected].
If your financial institution is not currently listed don't worry – you can still take advantage of BeFine by inputting your account information manually to track your progress against your goals. In addition, the network of linked institutions is consistently expanding, so it may be added in the future.
Yes. You can connect your spouse’s accounts or other accounts just the same as you can connect your own.
Banks, and the connection service (Plaid) that brings them to you, frequently update the way they categorize spending transactions. When those categorizations change, or just don't match, the transaction may show up in the incorrect category in your budget. To fix this, simply click on the transaction and update the Category. If you would like this categorization to apply for all purchases from this vendor, check the "Always categorize this company as this category" box.
Hidden transactions are still included on the transaction page in the budget. These transactions just aren't counted against your spending for the month. To view transactions, go to the Budget Page and then hit See All next to Recent Transactions. Hidden Transactions will have an icon of an eye with a line through it and will be greyed out. To un-hide a transaction, click on the payment in your budget and then un-check the box next to Hide Transaction.
BeFine automatically hides credit card payments from your budget. The individual transactions you charge on your credit card show up in your budget, so paying off those transactions would be duplicative. If you would like to see your credit card payment included in your budget, click on the payment in your budget and then un-check the box next to Hide Transaction.
BeFine™ is a trademark of ProManage, LLC, a federally registered investment adviser.
Read BeFine’s Terms and Conditions and all disclosures before using this Financial Wellness Service. BeFine was designed in consultation with Concordia Plans. No financial wellness service can promise that the suggestions provided will be effective or profitable for one’s circumstances. Only some plan account information is shown on BeFine; see your Concordia Retirement Plan and CRSP account provider for official reporting. BeFine does not recommend allocations or investments. Registration with the United States Securities and Exchange Commission (SEC) does not connote a certain level of skill or training. ProManage’s disclosure brochure, ADV2A, is available at https://adviserinfo.sec.gov/firm/summary/133357.
