The rise of Donald Trump is directly attributable to “protected” Americans dismissing the needs of “unprotected” ones, author Peggy Noonan told a capacity crowd at the 7th Annual Inside Retirement conference.
Noonan was part of an all-star line-up at the conference, held May 5-6 in Dallas. Author Nick Murray; John Mauldin, president of Millennium Wave Investments; and Mark Hurley, CEO of Fiduciary Network, were also keynote speakers. Panelists included many advisors speaking on topics that included longevity and aging, retirement income and withdrawals, the DOL rule and more.
Noonan, who was a speechwriter for President Reagan, focused her presentation on analyzing why Trump is the GOP’s presumptive nominee for president, in spite of the fact that he’s faced tremendous opposition from within his own party. The “protected” class not only includes wealthy Americans, but those who are financially successful people in the media and other careers. They have some money, they live in nice neighborhoods and “they can pretty much do anything. They are insulated,” Noonan told about 500 attendees.
Unprotected Americans, those with less money, less access to good schools and less opportunity than elites, are voting for Donald Trump because they don’t think Democrats will protect them, and they don’t think that Republicans will help them, Noonan added.
During his presentation, author Nick Murray advised advisors to get ready to take on the role of family therapist as more and more clients need help with the issues of aging. “People are older and healthier than we’ve ever dealt with, and they’ll experience a longer and longer decline,” Murray said.
“The financial aspects, as critically important as they are, become almost footnotes” to the real issues of retirement—helping clients deal with problems of aging, both their own challenges and dealing with parents, he said.
Two other industry thought leaders—Ric Edelman and Russ Hill—also looked at the profound implications of longer life spans.
Life expectancies are poised to accelerate in the next two decades, driven by advances in medical technology, said Edelman, CEO of Edelman Financial Services. Some scientists are even beginning to talk about life expectancies of 150 years or more, he said. “Even if the advancement is not that radical … what happens when you extend that to 100 or 105?” Edelman asked.
A couple at age 65 has a 25-year life expectancy between them, said Hill, CEO of Halbert Hargrove Global Advisors. “And that’s growing, especially for the [wealthier] demographic served by advisors.”
One implication is that the notion of work and retirement will change. Clients may work longer and in different ways. “We’ll have 75-year-olds who have played golf, traveled, then look around and say, ‘I’m bored, I’m feeling pretty good, what else can I do? And by the way, I could use some extra money,’” Edelman said.