Candidacy PartnersResource Booklet(bishops, synod staff, seminary faculty and staff, and candidacy and leadership managers)

April 2018

2 CANDIDACY PARTNERS RESOURCE BOOKLET

We often speak of the many dimensions of wellness in our lives—spiritual, intellectual, emotional, social and physical well-being, for instance. Financial well-being is another vital component in our endeavor to live well. As a partner in the process of raising up and developing new leaders, you are in a unique position to speak about financial wellness with those exploring call, including candidates, seminarians not in candidacy, applicants and inquirers.

This booklet contains information about the financial wellness resources available to those exploring call as well as documents for you to use to start or enhance conversations about financial wellness.

Lutheran Social Service (LSS) Financial CounselingTo more deeply develop skills around financial wellness, it is recommended that those exploring call participate in financial counseling where they can engage in open conversations about financial wellness and financial literacy. Those exploring call are eligible for six free confidential sessions with an expert financial counselor through Financial Choice, a service of Lutheran Social Service (LSS) Financial Counseling, provided by Portico Benefit Services.

In the financial counselors at LSS, you have partners who can help those exploring call navigate financial issues and encourage financial wellness. LSS Financial Counseling offers a full range of financial services that empower people to conquer their debt through tangible steps and personal guidance. LSS financial counselors help individuals, couples and families with:

• consolidating debt• establishing a budget• improving credit scores• protecting their homes• tackling student-loan debt• achieving financial wellness

Your promotion of financial counseling is vital.

Included below is basic information about LSS Financial Counseling and answers to frequently asked questions around how to make an effective referral to LSS. Also included here are several resources to use in the referral process.

How to make an effective referral to LSS Financial CounselingWhen should someone exploring call be referred to financial counseling?Most simply stated, financial counseling is appropriate whenever someone exploring call has a question about finances. These questions may cover a variety of topics related to budgeting, borrowing, credit or debt.

An easy way to begin a discussion about financial counseling is by using the flow chart titled “How can financial counseling help me achieve financial wellness?” included on pages 6 and 7 of this booklet. By asking a number of questions about the financial situation of the individual exploring call, the flow chart can open the door to the availability and value of financial counseling.

3 CANDIDACY PARTNERS RESOURCE BOOKLET

For many students, applicants and inquirers who might not otherwise consider financial counseling, the flow chart serves as a reminder that times of transition are particularly appropriate for consulting with a financial counselor.

• Before starting seminary, a financial counselor can help someone exploring call think aboutwhat it will mean to live on one (or in some cases, no) household income.

• As a student—and potentially his or her family—prepares for a year of congregationalinternship, a financial counselor may be able to provide advice on reducing moving costs orliving on less.

• As a student prepares to graduate from seminary, a financial counselor may be able toprovide helpful ideas on how to effectively budget while anticipating his or her first call.

In addition to asking questions about an individual's personal financial situation, the reverse side of the flow chart provides answers to frequently asked questions about financial counseling.

Another option for opening a conversation about financial counseling would be to use the infographic titled “Achieve Financial Wellness” included on page 8 of this booklet. The infographic states the case for financial counseling and indicates how someone exploring call can begin participating.

Yet another option would be to use the infographic titled "Your Neighbor's Financial Wellness" included on page 9 of this booklet. A majority of Americans worry about financial issues. Financial counseling can facilitate healthy conversations about financial concerns with an individual or among couples, families and with members of a congregation or community. Even if someone exploring call does not see financial counseling as a good fit for themselves personally, it would be a valuable addition to their ministry toolbox.

How much does financial counseling cost?Those exploring call, as well as rostered ministers and their spouses are eligible for six free confidential sessions with an expert financial counselor through Financial Choice, a service of LSS Financial Counseling, provided by Portico Benefit Services.

What are the right steps to take for an effective referral?The first step to an effective referral is an initial discussion of financial wellness. As mentioned above, you could start this discussion using the flow chart or either of the infographics provided in this booklet on pages 6-9.

To increase the likelihood that someone exploring call will participate in financial counseling, you are encouraged to make the first call with the student or inquirer. LSS financial counselors indicated that the most effective referrals involve a three-way call among LSS Financial Counseling, the person exploring call and someone in your position (a bishop, synod staff person, seminary faculty or staff, or candidacy or leadership manager). This type of referral provides a soft handoff to LSS, as well as indicates that no student or inquirer is alone in the process, but rather that partners provide accompaniment throughout.

To complete this three-way call, you, together with the person exploring call, should call LSS at 800-528-2926. This first call is to set up a financial counseling appointment, not to have a financialcounseling session. The financial counseling appointment will be set for a future date, in most cases,in two days or less.

You can best help those exploring call prepare for their financial counseling appointment by working with them to generate a list of topics of concern or what they hope to achieve in financial counseling.

4 CANDIDACY PARTNERS RESOURCE BOOKLET

In what other ways can someone exploring call get in touch with a financial counselor?There are two additional ways to contact a financial counselor at LSS:

What can someone exploring call expect in a financial counseling session?Financial counseling sessions last for one hour and are completely driven by the financial needs and questions of the individual exploring call. A financial counselor will begin the first session by asking, “What are you looking for?” “What has been going on in your life financially?” and “Where do you want to be financially?”

The financial counselor will then work with the individual to address his or her financial concerns. This may involve going through a credit report, discussing debt repayment options or reviewing budgeting techniques. What is discussed will depend on the individual’s specific concerns.

At the end of each session, the financial counselor will provide the individual exploring call with a specific action plan. This plan is unique to him or her and seeks to address the issues raised during the session. The individual exploring call may set an appointment right then with the counselor to review progress on the plan, or he or she may call the financial counselor again to review the plan.

Will the individual exploring call always work with the same financial counselor?Yes. At the end of the first session, the financial counselor will provide the student or inquirer with his or her direct telephone line.

If the individual exploring call has had a bad experience with financial advising or coaching relationships in the past, how will this be different?Financial counselors understand that many individuals bring feelings of shame or discouragement about their financial situations into a counseling session. The financial counselor will work with the individual to alleviate these feelings; they know it takes a lot of courage to make the call to a financial counselor. Financial counselors believe that the most successful approach is one where counselor and the person exploring call are teammates.

As a key influencer, how can I share the participant booklet and its resources?• In person – When you meet with someone exploring call in person, walk through the resources

with him or her to open the conversation about financial wellness and the availability andvalue of financial counseling.

• Over emailSend out the participant booklet to all of your students and inquirers via email, using the suggested text on page 5. Offer to make a three-way call to LSS Financial Counseling with them.If you would like to send out broadly any of the information included in the infographic, you can find the images included as jpeg files on resourcefulservants.org/resources.

• Through the mail – If you distribute resources through the mail to those exploring call, sendthem the participant booklet as part of that packet. This will provide important informationabout financial wellness resources available to them.

• On campus – If you are on a seminary campus, put the infographics up in areas with highfoot traffic. You can download a copy of the flow chart and infographics atresourcefulservants.org/resources.

• Visit an office in person, if the student or inquirer is in Minnesota or Wisconsin.(lssmn.org/FC-Locations).

• Go online (lssmn.org/portico).

5 CANDIDACY PARTNERS RESOURCE BOOKLET

Additional financial wellness resources available to those exploring callIncluded below is information about several additional financial wellness resources available to those exploring call. Investigate these resources and inform your students and inquirers how these resources might help them as they pursue financial wellness.

Portico events and webinarsPortico Benefit Services hosts events and webinars designed to enhance physical, financial and emotional well-being. Many of these events and webinars are open to everyone, including those exploring call in the ELCA. To see what is currently being offered, visit the Portico Benefit Services events and webinars page (porticobenefits.org/NewsEvents/Events).

ELCA Fund for LeadersThe ELCA Fund for Leaders helps raise up and financially support candidates for ministry at ELCA seminaries who have demonstrated outstanding leadership potential and exceptional gifts for ministry. The vision of Fund for Leaders is to one day support every candidate for ministry with a full-tuition scholarship to an ELCA seminary, to empower and enable leaders to serve as the church needs and the Holy Spirit leads. Visit ELCA Fund for Leaders (ELCA.org/fundforleaders) to learn more.

Suggested email content for you to send to those exploring callDear Friend in Christ,

We often speak of the many dimensions of wellness in our lives—spiritual, intellectual, emotional, social and physical, for instance. Financial well-being is another vital component in our endeavor to live well.

Research has shown that those who experience greater personal financial well-being are more satisfied and healthy as leaders than those who have poor financial health. Those in good financial health are more satisfied with their household financial situation, more satisfied in their ministry, and indicate that they are in better spiritual and physical health than those who are in poor financial health.

With this in mind, the ELCA has embarked on Resourceful Servants, an initiative to encourage habits that strengthen and sustain individual and congregational financial wellness and growth. One of the goals is to help future rostered ministers move toward financial wellness early in their ministry, developing the skills needed to effectively manage household finances; assist congregations in the effective management of finances; teach stewardship and promote faithful giving; and engage in all these activities in a direct, positive and forthright manner.

Through Resourceful Servants, you, as someone exploring call, are encouraged to participate in financial counseling to engage in open conversations about financial wellness and financial literacy. You are eligible for six free confidential sessions with an expert financial counselor through Financial Choice, a service of Lutheran Social Service Financial Counseling, provided by Portico (lssmn.org/portico).

The attached booklet provides more information about financial counseling and other financial wellness resources available to you as someone exploring call.

Financial wellness is important for all leaders. Now is the perfect time to take control of your finances. Take advantage of the wide range of financial wellness resources available at resourcefulservants.org.

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t agr

ee a

bout

fin

ance

s. C

an F

inan

cial

Cho

ice

help

us

to g

et

on th

e sa

me

page

? M

any

cou

ple

s ha

ve a

diffi

cult

time

talk

ing

ab

out m

oney

a

nd g

ettin

g on

the

sam

e p

ag

e. O

ur F

ina

ncia

l Cho

ice

coun

selo

rs c

an

help

you

set g

oals

and

exp

lore

diff

eren

t to

ols a

nd s

trate

gie

s fo

r ma

nag

ing

your

mon

ey a

nd

rea

chin

g yo

ur fi

nanc

ial g

oals

tog

ethe

r.

Is L

SS F

inan

cial

Cou

nsel

ing

a sa

fe p

lace

to g

o fo

r hel

p?

LSS

is a

mem

ber

ag

ency

of t

he N

atio

nal F

ound

atio

n fo

r C

red

it C

ouns

elin

g (N

FCC

), w

hich

is th

e “g

old

sta

nda

rd”

for r

eput

ab

le n

onp

rofit

fina

ncia

l cou

nsel

ing

. Our

co

unse

lors

are

tra

ined

and

cer

tified

in c

red

it co

unse

ling

, ho

usin

g co

unse

ling

, fo

recl

osur

e p

reve

ntio

n, a

nd re

vers

e m

ort

ga

ge

coun

selin

g, d

epen

din

g on

thei

r sp

ecia

lty. A

p

rog

ram

of L

uthe

ran

Soci

al S

ervi

ce o

f Min

neso

ta, o

ur

miss

ion

is to

hel

p p

eop

le g

ain

con

trol o

f the

ir fin

anc

es a

nd

ach

ieve

fina

ncia

l wel

lnes

s. W

e’ve

bee

n he

lpin

g p

eop

le in

yo

ur c

omm

unity

ove

rcom

e d

ebt s

ince

198

7. W

e ca

n he

lp

you

too.

Is th

e fin

anci

al c

ouns

elin

g co

nfide

ntia

l?

Yes,

and

you

r inf

orm

atio

n sh

are

d w

ith L

SS F

ina

ncia

l C

ouns

elin

g re

ma

ins p

riva

te u

nder

the

sam

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and

fe

der

al l

aw

s tha

t kee

p a

ny m

edic

al o

r cou

nsel

ing

reco

rd

priv

ate

. LSS

doe

s sha

re o

vera

ll ut

iliza

tion

num

ber

s with

Fi

nanc

ial C

hoic

e p

art

ners

but

nev

er a

ny c

lient

na

mes

or

any

iden

tifyi

ng in

form

atio

n.

Wha

t doe

s it

cost

to p

artic

ipat

e?

All

Fina

ncia

l Cho

ice

clie

nts c

an

have

up

to s

ix se

ssio

ns p

er

yea

r of fi

nanc

ial c

ouns

elin

g, c

omp

lete

ly fr

ee, w

heth

er

the

focu

s is o

n d

ebt,

bud

get

ing

, cre

dit

rep

ort

revi

ew, o

r ev

en h

ousin

g co

unse

ling

. Fin

anc

ial C

hoic

e a

llow

s you

to

bui

ld fi

nanc

ial w

elln

ess w

ith s

upp

ort

and

follo

w-u

p to

get

ther

e, a

t no

cost

. The

one

exc

eptio

n is

tha

t the

re

is a

sma

ll m

onth

ly fe

e if

you

sign

up fo

r a m

onth

ly d

ebt

ma

nag

emen

t pla

n—th

is is

a no

min

al f

ee b

ase

d o

n th

e siz

e of

you

r con

solid

atio

n. A

ll co

unse

ling

is fre

e.

For more information or to schedule an appointment:

Phone 800-528-2926

In person 800-528-2926 or lssmn.org/FC-Locations

Online lssmn.org/portico

Seek out a financial counselor whenever you have a question about finances, like budgeting, borrowing, credit or debt.

If you are:

• starting seminary

• planning for changes inyour household income

• preparing forcongregational internship

• in the call process

An LSS financial counselor may be able to provide advice on reducing moving costs or living on less.

Achieve financial wellness As someone exploring call, an ELCA rostered minister or spouse, you are eligible for six free confidential sessions with an expert financial counselor through Financial Choice, a service of Lutheran Social Service (LSS) Financial Counseling, provided to you by Portico Benefit Services. LSS financial counselors can help you create a unique plan to strengthen your financial leadership for yourself and to help others.

LEARN TO:manage

student loans and seminary costs

prepare your finances for life

events ahead

increase your retirement savings

set and stick with your financial goals

Now is the perfect time to take control of your finances. Through the Resourceful Servants Initiative, the ELCA seeks to encourage habits that strengthen and sustain individual and congregational financial wellness and growth. Take advantage of the wide range of financial wellness resources available at resourcefulservants.org.

DID YOU KNOW:

80%of ELCA M.Div. graduates

carry at least some amount of educational debt at

graduation

38%of Americans have enough

savings to address an unexpected expense (from an emergency

room visit to a car repair)

15%is the recommended amount

of an individual’s earnings that should be contributed to

retirement savings

Financial wellness is vital to a healthy lifeRostered ministers who are financially secure experience greater satisfaction in their work and their relationships, and are more able to freely serve the church and its mission. Don’t wait ... get started today!

6 FREE financial counseling sessions for those exploring call, ELCA rostered ministers and their spouses

8

Financial counseling is an option for you and for members of your congregation and community. To find out more, contact a financial counselor:

Phone 800-528-2926

In person 800-528-2926 or lssmn.org/FC-Locations

Online lssmn.org/portico

How can financial counseling make a difference?

Participating in financial counseling can:

• Help couples get on the same page financially

• Improve credit scores

• Give you the right language to talk about money

• Support your leadership on financial issues

• Increase your ability to make a well-informedreferral

YOUR NEIGHBOR’S FINANCIAL WELLNESS As someone exploring call, an ELCA rostered minister or spouse, you are eligible for six free confidential sessions with an expert financial counselor through Financial Choice, a service of Lutheran Social Service (LSS) Financial Counseling, provided to you by Portico Benefit Services. LSS financial counselors can help you create a unique plan to strengthen your financial leadership for yourself and to help others.

DID YOU KNOW:Many couples experience a

lack of agreement about their finances. Between 33% and 50%

of couples who divorce cite financial issues as a major source

of stress in their relationship.

Most Americans are struggling with

consumer debt and low-to-no savings.

Three in 4 adults worry about their finances.

70% of Americans live paycheck to paycheck. This

seriously impairs their ability to share

and save.

Through the Resourceful Servants Initiative, the ELCA seeks to encourage habits that strengthen and sustain individual and congregational financial wellness and growth. Take advantage of the wide range of financial wellness resources available at resourcefulservants.org.

The church has a voice in the financial lives of its congregants and community. Together, we have the ability to speak strongly about financial issues.

9

Resourceful Servants Financial Counseling Booklet_Candidacy Partners_2018_DRAFTResourceful Servants Financial Counseling Booklet_Exploring Call_2018Resourceful Servants Financial Counseling Booklet_ParticipantsResourceful Servants Financial Counseling Booklet_Rostered MinistersResourceful Servants Financial Counseling Booklet_Participants