DEI Advisors Podcast

Jagruti Panwala, President and CEO of Wealth Protection Strategies, interviewed by Rachel Humphrey

April 19, 2023 David Kong
DEI Advisors Podcast
Jagruti Panwala, President and CEO of Wealth Protection Strategies, interviewed by Rachel Humphrey
Show Notes Transcript

Jagruti Panwala shares her journey from her childhood in India to the first Chairwoman in AAHOA’s then 30-year history. Jagruti also shares how she manages two careers and her family life, her reliance on her personal and professional support systems, her passion for the hospitality industry, and why she’s so involved with hospitality industry organizations. She also discusses how she overcomes negativity, builds her relationships and network through connecting with people, and how her desire for furthering her education and growth helps her achieve her goals.

Rachel Humphrey:

I am Rachel Humphrey on behalf of d e i advisors, and anyone who knows my hospitality industry journey knows that it has been incredibly tied to our next guest hospitality journey. So it is a tremendous honor for me today to be sitting down and spending some time with Ja greedy Panwa Jati.

Jagruti Panwala:

Thank you so much Rachel, and I really appreciate the opportunity to be here with you today. I feel like this is gonna be a more conversational because we've worked together for many years and we know each other, not just professionally, but also personally. So I really appreciate you allowing me to be here and and I'm looking forward to our conversation.

Rachel Humphrey:

Absolutely. So some of the people watching will have heard something about your journey to leadership, but many have not. From being born in India to a few years ago, being the first chairwoman of the world's largest hotel owners association to being the youngest inductee ever into the signator broker deal or hall of fame, tell us a little bit about your path, your journey, and how you got to where you are today.

Jagruti Panwala:

Yeah, absolutely. So Rachel, for people who have not heard my story, I started my journey very young age. I came to this country with my parents, my brothers and sisters, when I was 15 years old. And when I came here, I didn't know anything. I. Could barely speak English. When I came to this country went to college here, I was fortunate able to get in a college here, and I graduated with honors economics and finance. Right out of college. I really needed to do something. I just needed to make some money. So I was recruited by an insurance company in 1998 at a job fair and. When I started in the first year, it was very difficult because it is a male dominated industry. The financial service industry was years ago in many ways. And I started I started by just really working really hard and having this work ethic, hard work ethic, which was instilled in me by my parents for many. I'm actually an accidental hotelier because during one of my first meetings when I was meeting with the prospect regarding the financial planning, he told me that he's having a really hard time at his hotel and he's not making any money. I knew the market. I knew little bit about aas. Brutality because my extended family was in the business. But I saw an opportunity and that's how I actually became hotel here by purchasing my first property from my from a prospect at that time. And then eventually he became my client. I feel like both of the journey worked. Hand in hand for me because a lot of my clients are hotel owners and they are Asian American hotel owners and and obviously physicians and small business owners. But, I started both journeys at the same time. I became very involved in aha. Very early on in my In my career and in 2014, I decided to run for an aha chair position. And I became, ah, ha's youngest not youngest, sorry, the first female chair in 2019 at the same time. I was thriving in my financial service industry and again, with many obstacles that we'll be discussing here shortly. But I became the youngest uc as a hall of Fame. And what that means is that out of maybe 10,000 advisors, it takes them 10 plus years to achieve the goal in the industry. I was able to do it at. I believe I was 32 years old when I was able to accomplish that. It was an honor. I love both of this industry and I think that's why I feel really good about what I do because when you have the passion and when you love what you do I feel you, you just really accelerate in it. So again, it's it's been a, it's been a tough journey. It's a lot of hard work, but I feel that I found the passion in the workplace that I've always wanted.

Rachel Humphrey:

That, like I said, not only tremendously unique, but one of the really special things about it is that you actually have two careers now. One in financial services and one in the hotel industry. I wanna talk a little bit about, people talk about work-life balance. We all know there's no such thing, but let's call it work-life management. You actually have kind of a work, work life management because you. Balancing two careers and being a mom, a daughter a spouse. Tell us a little bit about what strategies you use to make sure if you think you are managing all of those at

Jagruti Panwala:

the highest level. I think we're all managing not just one or two, but multiple careers because even being a mom being a daughter-in-law, being a great partner, I think that takes also a lot of work. And and I feel that being a mom itself is a full-time job. I would say that, look, I don't think My duties are specific that I'm good or bad at it because I'm a man, because I'm a woman. I think it's it's a challenge for everybody if you're a male and if you are juggling multiple things, it's still a challenge. And for women it's certainly is a challenge. I balance it one day at a time. I think having a really good support system at home, number one, is extremely important. And also having a good support system at workplace is as important. Creating a team around you that want you to become the champion, want you to be successful, but only with that, that happens if you create a team at home or work that everybody feels a part of the success and I feel that's something I've. Over the years. I don't think I was that good at it in the beginning, but once I started to see how important the support system is around you, I really made sure that my team at work feels as successful as I do because they're part of the success. And same thing at home. I I used to do a lot of. just lectures, right? When the kids were young. But my son is 13 years old. My daughter's 17 years old. So now it's more about leading by example. This is what mommy's doing for a family, but this is mom Also doing it to serve the community, to help people, help other people around you. And I think leading by example with your children. At workplace, I think it's extremely important. Can I, am I doing everything at 100%? I am sure I'm not, but I give my best every single day in a very positive way and keeping everybody around me as as positive as possible throughout pretty much on daily basis. I

Rachel Humphrey:

love that. And you and I have spent a lot of time talking about our kids and the impact both of our crazy schedules can have on them, but also the lessons we want them to take away from it. You just touched on that a little bit. In addition to your children who can see you as a role model and as an inspiration, I've had the true privilege of traveling the country with you and seeing. The people who come up to talk to you after you speak at an event or when you're present at an event. And not just from the hotel community or not just from the Indian American community, not just people of a certain level or age, but really just a tremendous number of people. How does that feel for you? Or what is your takeaway when somebody comes up and tells you how inspired they feel by your journey and you sharing your.

Jagruti Panwala:

Yeah. Rachel, when you and I led when I was the chair and you were the interim president there was a powerhouse. I think. It wasn't just me. I think people were coming up to both of us and inspired. I'll give you, I'll give you a story because I know that it's very much in that we're, we think about that, hey, gey being, and Rachel being in this literacy position inspires many women and many young leaders. Which is probably true, but I think coming from your male colleague, the compliment that, that's a lot, that's really important too. in many times. I've had fathers come up to me and have said and I know Rachel, you and I both experienced this together during our leadership role in Ahaa. And even right now, we experience that whenever we're going to industry events is is, the conversation is that, hey, my daughter who never was passionate about the hospital industry, who doesn't really understand and I, when she came to this event and show you. So you speak. She was inspired and she now wants to do more. She wants to get involved. She wants to join the different organizations. She wants to be in the hospitality industry. And I think that's, if we're helping just one person at a time that's just amazing. Everything that you and I work so hard for it's all worth it. When there's just a, somebody just says that you've helped my child come out of their shell. we both have kids. I know how struggled that is. Especially inspiring your younger and your teenager daughters. So anytime that we get that compliment I think we're. We're moving in the right direction.

Rachel Humphrey:

That's a great point and that shows that you can serve as a champion and a mentor for others who have, specifically or generally been your champions and mentors in your career, in your life, that have really helped you develop, whether it's a confidence or a skillset or something else that has let you know that if you put your mind to something, you could be successful. Yeah,

Jagruti Panwala:

I would say starting with my father he's been my champion my entire life since I was little. I think they, and I've said this story on at different places that when I was just eight years old and being a female in India, it's. It's very different than maybe being a female here at when you're eight years old. But my dad was getting involved in a business aspect of it at a very young age because he always said that whether you're men or woman, that should never matter on what you want to do in life personally or professionally. You should never hesitate to move forward. Doesn't matter how much and obstacles you have. So that was instilled in me right from beginning. So I would say my father was, has been my mentor. Still my mentor, but over the years it has it has become not just one or two people but many people. I get inspiration from when I just go to the events and I'm speaking with you, Rachel, I'm speaking with. Mitch, I'm speaking with Meho, I'm speaking with Chip, or I'm speaking with, anybody. It's the inspiration is there on every single day. I think us to explore that and and seek the opportunity and make sure that you are just, you're receiving that information. I think it's really important. My husband has been my huge support. He's my best friend. He's he's also my mentor, but I feel like the mentorship now, it's you have to keep reaching out and and keep meeting people and look for mentorship from everywhere. But I would say my dad has been my champion and my partner my entire life, and it can. even now, every morning, him and I speak when my mom was with us, she was my my strength and har and I spoke every single morning, even just for two minutes just to see how the day is, and now it's continued with my father. So I'm very blessed to have an amazing support system and amazing people around me who inspire me every single.

Rachel Humphrey:

I love that too because it shows how critical that support is at home and to have champions at home and mentors at home, not just in the workspace. You mentioned some of the tremendous industry leaders that are a part of your network. Hospitality or the hospitality industry to me, is really a relationship business, and we have seen. Firsthand how incredibly powerful having, not just knowing people, but having true relationships really is how have you built your network and is there anything about. Maybe your character or your personality traits that allow you to network in a slightly different way. You might not network differently than a colleague or a male counterpart or even a female might network differently. How do you continue to build those relationships and how do you network that suits your personality?

Jagruti Panwala:

I think if you speak with anybody who's been in any industry for a very long time, whether it's a financial service industry or hospitality or literally any industry, I think they want advice that everybody will give to somebody who's Who's coming up in the industry is that building relationship is probably the most important thing that that you should do. And it's important to network. And for me, I I love meeting people. I love meeting new people. I love building relationship because I also feel that in order to. And I don't wanna say not to achieve your goal, but I think it's, I think it's important to have. Connection with people that if you need anything or if you are able to give back you, you have that. So think going to the industry events, going to joining organizations being a part of the voice is extremely important. So look you and I, and many people can just go. Events and say hello, have a drink, have appetizers, and walk out. But then what do you do after that? What's the next step? I think understanding that what your goal is and and understanding how to reach that goal is extremely important. I join organizations because I have a passion for the industry. I join organizations because I think I can give back. I join organizations because I wanna be a part of the voice. I wanna be a part of a decision making. And I think we, we all have to find that what level of. a connection or building relationship that that we wanna achieve. But I truly believe that in order to to, to. To build relationship and have a network, you have to be a part of a process also. And that's why I've been very fortunate that I've been part of a hawa, I've been part of h and l a. I'm also joining some of the boards when it comes to our financial service industry. And I think it's important for us to be have a seat on the table so you can be part of those decision making.

Rachel Humphrey:

And I think that's a great segue. In talking about how active you've been with h l a, with ahaa, with state organizations, with women's initiatives and other things two parts. One, why is that so important for you to be a part of that community? But where do you look when you need guidance, when you need resources, where are you looking to continue growing your skills or to find answers that you might not?

Jagruti Panwala:

I think the learning is a really important part of our journey. Look, when I started in both industry at 22 years old I really didn't know much and I really had to learn. But every single year I'm attending the webinars, I'm attending the seminars I'm attending whenever there's an opportunity to learn, and I think educating yourself is really important. Being a, and as I just mentioned, being a part of a process because look, Every day. I can wake up and you can wake up and you say, we've got 10 things on the agenda. And it's the same thing every single day. And I, we get, it's almost like a tunnel vision that everything just this is what my day is. I start six in the morning and I end at six o'clock at night or seven o'clock, whatever the time period is. And this is what I'm doing. I think it's important to be to, to actually be part of the process. Join organizations. So when we're doing advocacy in, advocacy is in every single industry, not just the hospitality. When you become a part of the advocacy part, when you are helping people around you it. It almost fulfills me personally, but also it helps me per professionally build more connection and build more relationship. So I'm very I was very, I am very committed the organization that I'm involved in. But I think you have to have a purpose behind it that what is your passion? What is it that you wanna give back? Because you'll always ga you know, 10 times full when you give back. And I think giving back is giving back, joining, whether it's a committee level, whether it's it's becoming a board member for being a part of a decision making process is important. And I truly believe that I encourage everybody is that doesn't matter which industry you are in make sure you become involved and even also give back because giving back is also will. Gain back a lot a lot tenfold, more than what you're giving in. I love that.

Rachel Humphrey:

That is a common generalization that women do not do a good job advocating for ourselves. And whether that is part of the challenge in seeing women continue to be elevated to the C-suite, getting the promotions that we are interested in or doing other things in your psyche must have told you that, how important it was to advocate for yourself because there was no female chair of a HOA at the time. So something in you said, you know what? I can do this. What? Would you tell people who are struggling either finding their voice or advocating for themselves or thinking that they can do something that really gave you the courage, which it's an incredibly courageous move to make, or the the know-how the intelligence to be able to go and advocate for yourself to get something that you really.

Jagruti Panwala:

Yeah. I'll give you an example on on both industries. When I started in a financial service industry and in my first year I was the only female in the entire room as an advisor. And I still remember during my. I think it was a second meeting. Our managing partner, who's supposed to be your mentor, actually pointed out to me and said that either you're gonna fail out a business in next six months, or you'll be working for somebody as a secretary. And I don't think I, looking back, of course, at that point, I was shocked that you would say that to me. But looking back I'm not, I, I. I don't think it was a personal attack, but I think it was more about the reality, right? That many female who came in the financial industry because it is a male dominated industry and it is because it's a lot of work involved. I think there was a lot of. Per perception, a wrong perception that as a female, you couldn't do it. In my first year, I was I qualified as a lifetime cabinet member. It's a little bit more in detail, but when I qualified, then actually a lot of people a lot of. other advisors said, Hey, she just got lucky. And then over the years after I did a second year, third year, fourth year, fifth year, so on and on. Once I became the youngest inductee, honestly, it took them that long for them to be convinced that I was actually really good at what I was doing. And even now when I go to some of these industry conferences, when I'm traveling with my husband, Some people who do not know who I am, they'll congratulate him because it's just an assumption. So that's always been there. When you come to AHA. In 2011, when I joined Aha, I was actually quite surprised when I was attending the events that the female participation just wasn't there. And I just had a really hard time understanding why that was. But once we had our team together with a lot of other female. Who came together and said, we need to make a drastic changes. So we started doing a lot of events and a lot of the educations, they were important for the women to be successful personally and professionally. And then in 2014, and I was in Ahaa for a few years and I really. one of my main reason for running for an AHOE officer position wasn't just because I wanted diversity, it is because I was really passionate about the advocacy part and how I was along with h and l a were huge pioneer and I really wanted to be a part of that process. And that's really the reason. I decided to become already set to run for the position. But I think also the diversity was as equally important because when you are looking at an association, if you I believe in the, in a decision making process, you need to have different perspectives and different backgrounds and if, and the fact that Aun never had a female chair in. 27 years, 28 years. At that time, I think that just wasn't right. Something wasn't right about that. So I wanted to be a part of the process and I I ran for election. I actually ran against two of my really good friends who were as qualified candidates. But it was, it's, I was chosen as a first female of Aho and I'm some, this is something that I took it as a, as a. High responsibility because I knew what, how much it would take to, to be in that position. But I'm glad that I had an opportunity. It's something that I will always cherish and more than important, I'll cherish that. I did it with you, Rachel. It was It was an un unbelievable year for not just for a hop, but also for the.

Rachel Humphrey:

Absolutely. And I feel the same way. I, while I have spent a lot of time with you, I know that you don't wanna be known specifically for being female in that role because you were deserving and you were elected by your peers for it. What, how much responsibility though, did you. Feel, the eyes of an industry were certainly on you. The eyes of an a 20,000 member association. How much pressure or responsibility did you feel knowing that while you were incredibly qualified and you would be a great leader, that you were the first and people would be looking to you to see a female in leadership in that

Jagruti Panwala:

capacity? I knew I knew that the responsibility and the pressure was there, but I really did my best. And I tried as much as possible to black out all the noise around me and just focus on the agenda for the association, because that's why members chose me not just for the picture up or not just for, any type of political stuff, but it's, it was for, let's make sure we're doing the right things for the membership, we're doing right thing for the industry, we're doing right thing for the association. And that's what I focused on. The pressure was there. There were many people who doubted when I was running and was doubting me when I was the chair of the association, but I had to keep all that away from me and again, creating a right team. I was very fortunate to have an unbelievable team with me at a hawa also at home and also at work. And that kind of helped me stay focused but honestly, like if I if I worried about the pressure every single day, I don't think I could have done my job. And I just kept everything behind me and just kept moving forward with our team to make sure that we're achieving our goals to make sure that our membership is benefiting and our association is moving.

Rachel Humphrey:

You raised a great point there in talking about blocking out the noise. As women, sometimes our biggest critics are ourselves. Yes. We certainly may also have external critics, but sometimes the noise in our own head can make us doubt ourselves, our skills. I talked a little bit about advocating for yourself, but what are some of the strategies you use to stay positive or maybe to overcome? That internal narrative, you're human, you're gonna have moments where you question yourself or other things. How do you overcome that challenge?

Jagruti Panwala:

Yeah. No, you're right, Rachel. Look, even now after being in in the industry for 23 years I still doubt myself, right? That Hey, am I gonna be able to do this? Because while you're growing in your career, you will always have obstacles and you will always have challenges but, and you could have a bad days. I have a bad days. One or two bad days. But getting yourself out of that is important, right? Because when things are tough, when there's obstacles around you, it can be really dark around you, right? So having the the. Positive support, positive people. It's something that has helped me throughout my journey. I really stay away from negativity. I stay away from gossips. I stay away from people who are negative about other people. And if that means that I break certain relationship, I'm okay with that and have made those decisions to break away from people who are negative because there's nothing positive that comes for me. People around me or even for themselves. So I just stay away from it. So being positive is important, but having people around you who are positive, who are uplifting you is, it, is so important because I can tell you that even now day to day, there are struggles, but I just, you say you, you have to move forward and it's not that easy. But like I said, having the positive team around you, helps you dramatically, and that's what I've done and I continue to do and I know I will always rely on my people who are positive around me. And I'm very fortunate that I have that team around me.

Rachel Humphrey:

I can tell you firsthand that when I am clouded in my own headspace or my own negativity, you would be one of my first phone calls, and I know vice versa. But I love that idea of having that team around you be a support, not just in the day to day, but also in. Reminding us, we want those voices to be louder than the negative voices. So the people who support us in making sure you, you made a good point, that it's hard to make a decision sometimes to not have somebody in your life who doesn't serve you best as far as positivity. So I love that. That brings me to one of my favorite questions and I've served on panels with you and certainly prepped you for many. Is what advice we would give our younger selves. I think that reflection and growth as people are, is really important for each of us. And looking back on our own journeys, what did we learn? Where did we have missteps? What did we learn from that? But as you look back to, let's say 21 year old Ja Rudy, starting out in financial services, meeting a prospect and ending up as a hotelier, maybe unexpectedly, what would you tell that young woman. today before those two journeys really started for you.

Jagruti Panwala:

So I'll give a and it's not the advice, it's actually my experience is, look, sometimes we think that the decisions that are in front of us have to be made very quickly. Otherwise, as a female, we look like we're indecisive. But, and I felt that a lot in earlier in my journey in both industry, that if I'm not making the quick decision, if I'm not giving my answers, then they're gonna think that I'm not capable or I'm not. But over the is I realized that you. instead of. Putting yourself, being indecisive, taking your time and making sure that you're doing your due diligence in every area and making the decision. And I'm not saying that waiting two months, but instead of two hours, if it takes you a day to make a decision, I think it's worth it. So I would tell anybody who's coming into industry or who, who's starting in any industries that look, you will have a pressure of making quick decisions. But know that if the decision are affecting not just you, but people around you, your community, it's really important to to take your time and making you, making, doing your due diligence to make the decision. The second thing I will say is taking a risk. I think it's it's important and taking a calculated risk. when I was 22 years old, when I decided to buy that first property without having any money, I realized the gamble or the risk that I was taking. But I did my due diligence. I did the market study. I, I made sure that the money that I was borrowing almost made a business plan for five years exactly what I was going to do with it, how I was going to be successful. And I think that's important. but taking a risk is important as well. Because if you don't take this kind of risk, then it's and I will not say that it's tough to get ahead, but I think it's just be little becomes a little bit more challenging. So I, I would also say that take risk, but make sure that you're doing your due diligence to make sure that you're taking a calculated risk. At the end. Look, we all make mistakes. I continue to make mistakes even now, after so many years being experienced. But I think we have to learn from our mistakes. And that's the biggest thing, right? You have, you make a mistake, you learn from it, and you move on. If you keep dwelling on it and if you keep getting upset about it, I wish I didn't do this five years ago. I wish I did 10 years ago. I think that puts more negative on. So I believe in moving on with your life. Once you know the mistake has been made, let's improve it. Less corrected, let's make sure it doesn't happen again. Let's put the process in place. Have a protocols in place for yourself and team around you. And I think that's I think that those are the best advice I can give from my own experience.

Rachel Humphrey:

I love that. We are getting real close on time. I wanna think about the d e i advisor's motto, which is empowering personal success. You can look to mentors, you can look to company policies and other things, but at the end of the day, we really have an enormous role to play in our own personal success. So what is one more nugget or tidbit you would leave our audience with as your final piece of.

Jagruti Panwala:

I think and I can say it as a female, and I know we've heard this many times with many speakers that look support each other. But I would say it again today, and I'll say this over and over, I think it's extremely important, not just because you're a female or you're a male, but support each other. What. If you support each other it can only accelerate you personally and professionally. And I really truly believe that. I also think getting engaged being involved with whatever industry that you're passionate about, make sure you get engaged, right? Because once you're out there, you're meeting people, talking to people. I know social media is a huge thing. Which we can all take advantage of. But that personal connection comes from meeting people, shaking their hands, giving them a hug of course with the Covid protocols, But I think it's, I think it's important. And we've all been through a very rough few years. In many ways our kids have been through, our families, have been through our. Teammates have been through so much. And I feel that now I think it's a chance for us to get together and and not just give back but support each other in, in every way. I think helping each other is a best way. You can actually help yourself. So that's really the one of the advice that I would I would close out with.

Rachel Humphrey:

I think that's actually perfect because you, again, speak with what you believe in. You have been a tremendous supporter for me, for my career, for those around me as well. I am grateful for your friendship, your host. Fatality industry leadership. I had a million other things I wanted to ask you about, but we're gonna run outta time, so we're gonna have to do Jai 2.0 at some point moving forward. But thank you for your continued leadership. Thank you for the inspiration and the guidance and the all that you do for the industry that we both love so much. But really appreciate your time

Jagruti Panwala:

today. Rachel, same thing to you. And thank you for your friendship and and thank you for the opportunity and Having you with me over the years, learning from you has has made a tremendous impact in my personal and professional journey and this is something I'm forever grateful for. So thank you so much, Rachel, to you as

Rachel Humphrey:

well. Absolutely. And that's what makes my getting to sit down with you today, extra special. So thank you again and we will continue to watch and learn from

Jagruti Panwala:

you. Thank you so much, Rachel. Thank you.