Portland wealth management firm adds to team
Courtesy / Spinnaker Trust
David Phelps, left, and Taylor V. James recently joined Spinnaker Trust as assistant portfolio managers.
Spinnaker Trust, a Portland-based wealth management firm with more than $2.5 billion in funds under management, has hired two new assistant portfolio managers amid a bullish outlook for business in 2023.
The new hires, Taylor V. James and David Phelps, come from very different professional backgrounds. James brings a decade of experience in wealth management. She was previously at Vigilant Capital Management LLC in Portland, where she was a client relationship associate. Before that, she was at First Republic Bank Private Wealth Management in Boston, where she worked as a client service associate.
She earned a bachelor's degree in political science from Dickinson College in Carlisle, Pa.
Phelps, a certified public accountant, was previously at ReVision Energy, where he worked as a project finance analyst for the South Portland-based solar energy company. Prior to that, he worked at Portland-based accounting firm Baker Newman Noyes, where he started as a staff tax accountant and later became a senior tax associate.
Phelps earned a bachelor's in corporate finance and accounting from Bentley University in Boston and his MBA in finance from the University of Maine.
With the two new hires, Spinnaker Trust now has a total of 40 employees on staff. Spinnaker Trust is an employee-owned Maine bank chartered as a non-depository trust company.
"We are thrilled with the additions of Taylor and Dave to our portfolio management group," Amanda Rand, president and CEO of Spinnaker Trust, told Mainebiz. "They are providing important support to our relationship team as we grow and bring on new clients."
Looking ahead
Spinnaker Trust is looking to also hire an associate director of tax and hopes to have that filled by the end of this year, Rand said.
Looking ahead to next year, Rand said the company is "very positive on our new business generation in both our wealth management and ESOP services groups." ESOPs are employee-owned stock ownership plans.
"The big unknown, of course, is the markets and whether the Fed can pull off a 'soft landing' as they hope," she added. "Like everyone else, we are closely monitoring inflation, the Fed’s response, consumer spending, corporate earnings and unemployment. We have clients positioned fairly defensively."
For Spinnaker, 2023 will be a year to focus on developing and mentoring hires who joined since the start of the pandemic "so that we ensure we are well-positioned to provide our clients with the exceptional service to which they have become accustomed,” she said.
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