"Respected" focuses on the reactions of others to him: he is in fact held in high regard.
"Respectable" refers to his character: he is objectively worthy of respect. in most cases, a respectable person will also be respected, but not always - as, for instance, when he is ahead of his time, morally or scientifically speaking. If someone with all of the characteristics of Jesus of Nazareth appeared at an NRA rally and started speaking, he would be respectable, but I doubt he'd be respected.
So, in your example, above, the individual is respectable. it sounds like he is also respected, as you refer to his status in society.