(Springfield, MA) – Hotel owners are experiencing one of the best business cycles in decades, thanks to a slowly rebounding economy, and Massachusetts Mutual Life Insurance Company (MassMutual) teamed up with the Asian-American Hotel Owners Association (AAHOA) at its 2014 Annual Convention & Trade Show last week to help ensure these businesses grow and prosper over the long term to both boost the economy and help Asian Indians pass their legacy on to the next generation.
According to AAHOA, its more than 12,000 members own more than 20,000 hotels totaling $128 billion in property value, making this organization a vital one to local and national economies. Through its sponsorship of AAHOA, MassMutual brings essential financial education to its members to help them begin planning for the long-term, including helping them attract and retain the best employees, as well as to prepare for their own exits from their businesses.
“Asian Indians have a long tradition of entrepreneurship and have a great business sense, which speaks to their current success” said Nilesh Patel, financial professional with Water Tower Financial Partners, a MassMutual general agency in Chicago, Ill., and participant in an educational panel discussion at the AAHOA conference. “What I’d like to be able to help these successful owners do is take a more holistic view of their businesses, to think about their business 10 years from now and to plan for their own and their families’ futures,” he said.
“Our sponsorship of the 2014 AAHOA Annual Convention & Trade Show is a key component of MassMutual’s support of the Asian-Indian market and goal to help families and business owners plan for their own and their families’ futures,” said Nimesh Trivedi, Asian-Indian Market lead at MassMutual. “In fact, a recently released study commissioned by MassMutual, the 2013 State of the American Family Study, took an in-depth look at Asian-Indian families and the challenges that they face in this uncertain economic recovery. It indicated that the two financial priorities for their savings are for their children’s college education and keeping the family financially shielded. As a result, one quarter of Asian Indians struggle between saving to pay for their children’s college education and saving for their own retirement,” he added.
For more information about the work that MassMutual does with the Asian-Indian market, visit www.massmutual.com/asianindian. To read more of the findings of MassMutual’s 2013 State of the American Family Study, visit www.massmutual.com/soaf. To learn about a financial services career with MassMutual, contact Nimesh Trivedi at 413.744.1244.
Founded in 1851, MassMutual is a leading mutual life insurance company that is run for the benefit of its members and participating policyowners. The company has a long history of financial strength and strong performance, and although dividends are not guaranteed, MassMutual has paid dividends to eligible participating policyowners consistently since the 1860s. With whole life insurance as its foundation, MassMutual provides products to help meet the financial needs of clients, such as life insurance, disability income insurance, long term care insurance, retirement/401(k) plan services, and annuities. In addition, the company’s strong and growing network of financial professionals helps clients make good financial decisions for the long-term.
MassMutual Financial Group is a marketing name for Massachusetts Mutual Life Insurance Company (MassMutual) and its affiliated companies and sales representatives. MassMutual is headquartered in Springfield, Massachusetts and its major affiliates include: Babson Capital Management LLC; Baring Asset Management Limited; Cornerstone Real Estate Advisers LLC; The First Mercantile Trust Company; MassMutual International LLC; MML Investors Services, LLC, Member FINRA and SIPC; OppenheimerFunds, Inc.; and The MassMutual Trust Company, FSB.