US. Do Politics Belong in Retirement Planning?
In a sharply polarized environment, Americans saving for retirement are increasingly concerned about politics — those of their financial advisers.
“I’ll get a phone call from one client thinking the world is falling apart, and then another thinking it’s the best time to get into the market — in the same day,” said Robert Schmansky, founder of Clear Financial Advisors in Livonia, Mich.
It has been a year of tumult, because of not only the pandemic but also protests over racial injustice, devastating wildfires and a pitched — sometimes incendiary — campaign season.
A June survey by the Pew Research Center confirmed the political divide over the virus: More than 60 percent of Republicans said they believed the worst of the pandemic was over, while one in four Democrats said the same.
Those kinds of issues are increasingly coming up in conversations with clients and prospects, according to Michael Kayes, managing director of investments at Exencial Wealth Advisors near Charlotte, N.C.
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