MEET YOUR DISTRICT 1 CITY COUNCILMAN
Joe Stapleton is a leading figure in the Newport Beach community. As President and Co-Founder of Spinnaker Investment Group, he oversees the firm’s client relationships while advising businesses and individuals on customized wealth and investment management solutions. He was the former Chairman of the Board of the Newport Beach Foundation and has served on more than a dozen boards including The Pacific Club, New Majority Orange County, Newport Beach & Company, and many others. Now, Joe is honored to call himself the elected Councilman for the City of Newport Beach, District 1.
Drew sat down with Joe to learn more about the Councilman’s background, how his career has prepared him for his new role, and his plans for Newport Beach.
YOU OWN SPINNAKER INVESTMENT GROUP. CAN YOU TELL ME ABOUT THAT?
I founded Spinnaker Investment Group in 2016 after working in the Wealth Management sector for almost 10 years. I decided to open my own brokerage to improve the overall client experience and reinvent the way wealth is managed. My top priority as the current President is assisting clients in achieving what is most important to them by bringing their goals and desires in line with their financial resources. After 6 years, Spinnaker now includes a dozen experienced team members who manage over $500 million in assets.
WHERE DO YOU SEE THE STOCK MARKET GOING IN 2023?
We are cautiously optimistic about this year. Now seems to be a decent entry point for stocks, although for long-term investors we feel there is never a bad time to buy stocks. We will most likely see continued under-performance in the growth sector as rates will remain high. External situations can always change the markets’ view, but our - and I believe other investors’ - greatest fear is another round of inflation.
HOW HAS YOUR BACKGROUND IN WEALTH MAN-AGEMENT IMPACTED YOUR DECISION-MAKING AS A CITY COUNCILMAN?
Investment Management is all about making good decisions today that will have a positive impact on the future, in
both the short and long term. You have to be both near and far-sighted in your day-to-day knowing each decision is important. This same mentality aligns seamlessly with my duties as Councilman. Many, if not all, of the decisions I make throughout my term will be meticulous and purposeful; these decisions carry weight and are not taken lightly. This is how I managed to build and maintain a successful business, and how I intend to continue the growth of our already prosperous city.
WHAT ARE YOUR MAIN GOALS AND FOCUSES AS THE DISTRICT 1 COUNCILMAN?
My general priorities on the Council will be addressing public safety and infrastructure improvements, quality-of-life issues, and responding to homelessness. I place high importance on fiscal responsibility and will work with my Council colleagues to further reduce the City’s debts and future pension liabilities. As a former Harbor Commission, I will be seeking opportunities to bring additional resources to our harbor, one of the crown jewels of Newport Beach.
HOW DO YOU PLAN TO SUPPORT SMALL AND LOCAL BUSINESSES (AS BOTH A COUNCILMAN AND AN INVESTMENT FIRM OWNER?)
Like many other Newport Beach residents, I know the tireless work and dedication it takes to maintain a small business in the midst of this Big Business era. I am happy to say that the City of Newport Beach has made it a mission to encourage local businesses; we make a concerted effort to promote our local businesses through social media, community-wide events, parades, local business alliances, and any other ways we can. We want our local families and their businesses to not only thrive in our city but to know they will always have a safe place to continue flourishing for generations.
WHAT ARE YOU MOST EXCITED ABOUT IN THIS UPCOMING YEAR?
After my first official Council meeting on January 10th, I was quickly brought up to speed on several exciting projects happening in District 1. An improvement to Gateway Park (at Peninsula entry) is underway including new landscaping, lighting, repairs, and repainting. Construction of the new Superior Avenue Pedestrian/Bicycle Bridge is beginning soon offering safer park access to our ever-growing active community. The last one I will mention is the dredging of lower Newport Harbor bringing about improved navigation and an increase in tidal flushing.