Tier One Interview: Jagruti Panwala

This month, Jay sits down with Jagruti Panwala, President & CEO of Wealth Protection Strategies and the first woman to serve as Chair of the Asian American Hotel Owners Association (AAHOA), an organization representing nearly 60% of hotels in the U.S. In their conversation, she and Jay explore how business owners can use life insurance to create liquidity, preserve family wealth, and plan for succession with confidence. Along the way, Jagruti shares insights on leadership, mentorship, and what it means to build a legacy rooted in both purpose and perseverance.

JAY:  Jagruti, to get started, perhaps the best way I can introduce you is to share what the leader of your distribution organization told me. Michael Babikian, the CEO of First Financial Resources (FFR), said, “You always have very impressive Tier One Interviewees, Jay. How about someone who is beyond impressive?”

Before we get to your inspiring entrepreneurial background, tell me about your firm, Wealth Protection Strategies, and your role with the organization.

JAGRUTI: Thank you for including me in the Tier One Interview Series. Wealth Protection Strategies is a boutique financial services firm headquartered in Pennsylvania. We specialize in helping business owners, professionals, and families build, protect, and transition wealth efficiently and tax-intelligently.

As President and CEO, I work closely with clients to design life insurance–based solutions that address their unique financial goals, whether that’s creating liquidity, managing estate taxes, or funding succession plans. My team and I believe in personalized service, and our mission is simple: to help clients safeguard what they’ve built and ensure their success benefits generations to come.

JAY:  After hearing about your grandparents and your parents, I instantly understood from where you gained the foundation for your success in not only the life insurance industry but also the hospitality field. Talk about your family and upbringing and your path to where you are today.

JAGRUTI: My journey began when my family immigrated from India to the United States. My parents worked tirelessly in the hospitality industry, managing motels and small businesses. I grew up watching their determination and resilience - those early lessons shaped everything I’ve done since.

I learned the fundamentals of business and service behind the front desk of our family’s motel. That experience taught me the importance of financial security, planning, and long-term vision. After studying finance, I entered the life insurance field because I wanted to help families like mine - entrepreneurs who pour everything into their businesses - build strategies that protect what they’ve created.

That blend of family experience and professional purpose is at the heart of who I am.

JAY: I will come back to your life insurance practice in a moment but before I do, can you talk about your recent leadership experience in the hotel industry and how it was an industry first.   What did that position mean to you and what goals did you achieve for yourself and other hotel owners?

JAGRUTI: Serving as the first woman Chair of the Asian American Hotel Owners Association (AAHOA) was a tremendous honor. AAHOA represents nearly 60% of all hotels in the U.S., and to be the first woman to lead such an influential organization was both humbling and historic.

My focus during that time was threefold: expand opportunities for members, empower women and next-generation leaders in hospitality, and elevate financial literacy among hotel owners. I worked to strengthen advocacy efforts, enhance educational programming, and create pathways for women to take on greater ownership and leadership roles in our industry.

It was deeply fulfilling to lead during a time of transformation and to help build a more inclusive and forward-thinking hospitality community.

JAY: You told me that around 90% of your life insurance business is derived from other hotel owners. You described your clients as generally operating limited-service hotels with typically between 60 and 120 rooms.  Some have restaurants and a number of major amenities and others do not.  What are the top problems these business owners have that you can solve with life insurance?

JAGRUTI: Hotel owners are entrepreneurial and incredibly driven, but many face challenges when it comes to liquidity, succession, and long-term planning. Much of their wealth is tied up in real estate, which can create complications when it comes to estate taxes, buyouts, or family transitions.

Life insurance can provide elegant solutions to those challenges. It creates liquidity at the right time, funds buy-sell agreements, helps equalize inheritance among family members, and ensures that estate taxes don’t force the sale of valuable assets. For my clients, it’s about turning business success into sustainable family wealth and doing so with clarity and confidence.

JAY: At Life Insurance Strategies Group, Pete and I often tell the story of an executive from a major life insurance producer group asking a group of producers, “How can you call yourself a producer if you cannot offer variable products?”  You have incorporated variable life insurance for much of your career.  What situations do you find call for VUL and why would you recommend that product over an IUL or other product?

JAGRUTI: Variable Universal Life (VUL) is a strong fit for clients who are long-term thinkers and comfortable with market participation. Many of my clients are business owners who understand risk and appreciate transparency and control.

I recommend VUL when clients want greater growth potential and flexibility. It allows them to allocate funds across various subaccounts and benefit from long-term market performance. Compared to Indexed UL, VUL provides more direct investment choice and a clearer cost structure.

Ultimately, every recommendation is based on education and alignment. My role is to make sure clients understand their options and how each product fits within their larger strategy.

JAY: It won’t be long, and your career will have spanned 30 years, and I am certain you increasingly serve as a role model to those starting out in the life insurance industry. What advice do you have for young women who want to pursue a client facing role in life insurance?

JAGRUTI: First, believe in yourself and in the value you bring. The financial services industry can be intimidating, but it’s also incredibly rewarding. Build your foundation through education and mentorship, and don’t be afraid to ask questions or take on challenges that stretch you.

Second, be consistent. Success in this field comes from trust, and trust takes time to build. Stay authentic and always put your clients’ interests first.

And finally, seek out mentors who inspire you, men and women alike. I’ve been fortunate to have people who guided me throughout my journey, and now I make it a point to do the same for others.

JAY:  In those rare moments when you are not working in any of your companies, how are you spending your free time?

JAGRUTI:  Family is my anchor. I love spending time with my husband and our two children, traveling, cooking, and exploring new destinations together. I also dedicate time to mentoring young professionals and supporting organizations focused on women’s empowerment and entrepreneurship.

Over the years, I’ve learned that balance isn’t about dividing your time evenly - it’s about being fully present wherever you are. That mindset has brought me both peace and purpose.

JAY:  Thank you for sharing you story and your thoughts, Jagruti, as I have come to agree with what Michael Babikian said!   You have reached our famous restaurant question.  Without naming a steakhouse or a steak dish, please give me some recommendations for your favorite spots as well as to what I should order when I visit.

JAGRUTI: In Philadelphia, I love Zahav!  The flavors are exceptional, and the lamb shoulder is unforgettable. In New York, Le Bernardin remains one of my all-time favorites for fine dining and impeccable seafood. And when I’m home, nothing compares to the comfort of authentic Indian food - simple, flavorful, and made with love. It’s a reminder of where I came from and what continues to ground me.

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Since its inception, Life Insurance Strategies Group has solely focused on the individual high net worth life insurance market. We do not sell products. This allows us to offer unbiased, pragmatic advice. Visit us at www.lifeinsurancestrategiesgroup.com.