Members of the CPG Client Council met May 20-22 in New York City. | Photo courtesy of Church Pension Group

When Mr. Roman Franklin, chief financial officer of the Episcopal Diocese of Central Florida, accepted a position on the Church Pension Group Client Council in December 2024, he did so with great joy. Not only would the appointment allow him to lend his professional financial expertise to the council, but it would also give him the opportunity to be a strong voice and make an impact for members of the diocese.

He discovered just how much his talents and experience will benefit both Central Florida clergy and denominational leaders when he attended the CPG Client Council’s annual meeting in New York City May 20-22. The organization serves The Episcopal Church and provides feedback on CPG’s products, programs and services.

“The biggest takeaway I left with is that CPG truly exists solely to serve The Episcopal Church,” said Franklin, who will serve a three-year term on the council. “It’s not a financial services company that has to worry about increasing revenue or reporting profits to public shareholders. It is truly a service entity for members of The Episcopal Church. It is fully funded by its relationship with The Episcopal Church, and I discovered that the leadership of CPG is genuinely concerned about the satisfaction among the participants.”

Despite his delight when first appointed to the 28-member council, one question that came to his mind was whether this service would be a legitimate use of his time and talents. But the Rt. Rev. Dr. Justin S. Holcomb immediately assured him that it would be just that, a point quickly confirmed during his time in New York.

“It was an honor for me to have a seat at the table for those discussions,” Franklin said. “The council shapes CPG’s products and services for The Episcopal Church for lay and clergy members. It was great to represent the interests of our diocese on a national level instead of being forced to just accept whatever changes might have otherwise come about without any influence from us. I was able to influence some of those conversations by posing meaningful questions that spurred discussion.”

The three-day meeting also helped educate the CFO on the crucial role CPG plays within The Episcopal Church.

“CPG was created in 1917 and weathered the Great Depression, dotcom bubble and the subprime mortgage crisis,” Franklin said. “Its original purpose was managing the Church Pension Fund Clergy Pension. CPG has expanded the scope of its service to include employee benefits, retirement accounts and other services. We heard presentations from C-suite executives that included group Q&A time, followed by an opportunity to have one-on-one discussions with the chief operating officer and others.”

Prior to the meeting, he said his main concerns related to CPG centered around the cost of property insurance, medical insurance and risk management within the pension fund. Another concern he had was how liquidity in the clergy pension plan is preserved and evaluated.

Upon his return, Franklin met with Holcomb and the Rev. Canon Dr. Dan Smith, saying both were pleased with his report on his time with the CPG Client Council.

“They were debriefed, and they were satisfied,” he said.

During his time in New York, Franklin discovered his position on the Client Council is a unique one.

“Of the 28 members of the Client Council, to my knowledge and based on the feedback I received from other Client Council members, I’m the only member who has professional investment management and financial planning experience,” he said. “Multiple members of the council expressed their gratitude to me that there was someone on the council who possessed the experience needed to ask poignant questions regarding investments and risk management.”

While the 28-member Client Council meets in person annually, Franklin said working groups gather many times throughout the year to discuss topics related to health care, benefits and investments.

“At the 2024 General Convention, CPG was tasked with determining how to provide equitable access regarding affordability measures for medical benefits,” he said. “We will have breakout groups that will meet multiple times throughout the year to discuss those and other important topics. Then we’ll come back collectively next May and continue to move forward with the group.”