Anna Paglia on Purpose, Access, and the Modern Investor's Journey
In this deeply personal conversation, Jonathan Treussard sits down with Anna Paglia—Chief Business Officer at State Street Global Advisors, overseeing $4.7 trillion in assets—to explore how the daughter of Italian schoolteachers became one of the most influential leaders in democratizing access to financial markets. Anna shares her unexpected journey from entertainment law (negotiating singer tour contracts) to asset management, describing how discovering ETFs sparked a revelation: for the first time, families like hers could participate in markets with as little as $25, not the $15,000 minimum that mutual funds required when her father earned $10,000 per year.
The conversation explores Anna's most influential mentor—not a Wall Street executive, but the owner of a Roman restaurant where she served tables during law school, who taught her profound lessons about culture, crisis management, and knowing your strengths after firing the head chef mid-service. Anna reflects on the distinction between having a job and building a career, the sacrifices required to rise through male-dominated finance, and why she asks herself "is it all worth it?" before every weekend worked or family event missed. She shares contrasting stories of her two grandmothers: one who found joy in traditional roles despite being told she was "ignorant," and another who built a business from nothing but a cow, worked until age 93, and taught that nobody gives you anything.
This episode reframes investing not as intimidating complexity but as accessible empowerment: "If you have $25, you are an investor." Anna discusses the psychology of market fear, why doing nothing is sometimes the best action, and her dual perspective on the future—excitement about democratizing private markets, but deep concern about finfluencers and social media turning the wisdom of crowds into the madness of mobs. For anyone seeking to understand how purpose-driven leadership shapes the investment landscape, this conversation offers both inspiration and practical wisdom about building wealth, finding meaning, and using whatever platform you have to bridge the wealth gap.
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What We Cover in This Conversation
Anna's non-linear path from Italian entertainment lawyer to State Street executive
How discovering ETFs revealed that families like hers "never stood a chance" in old system
The restaurant owner mentor: lessons about culture, crisis, and knowing your strengths
Distinction between having a job and building a career: sacrifice and purpose
State Street's mission: being an investor's best friend throughout the wealth journey
ETF mechanics: diversification, tax efficiency, and the $25 entry point
Psychology of investing: fear, emotion, and why doing nothing is sometimes best action
Two grandmothers: joy in traditional roles vs. fierce independence and building from nothing
Finding purpose and passion: "I would do this even if nobody paid me"
Future of investing: excitement about democratizing private markets, fear of finfluencers
From wisdom of crowds to madness of mobs: GameStop and social media risks
Key Takeaways
Access to markets is no longer a privilege reserved for the wealthy. Thirty years ago, mutual fund minimums were $15,000—unthinkable when Anna's father earned $10,000 annually. ETFs changed everything by allowing investors to build diversified portfolios with as little as $25 per share. The technology (mutual funds that trade like stocks) combined with content (diversified baskets) democratized investing: "If you have $25, you are an investor."
The best mentors often aren't in structured programs—watch for "good" and repeat it. Anna's most influential mentor was a restaurant owner in Rome who, after firing a chef mid-service and putting her in the kitchen, taught timeless lessons: everybody's helpful but nobody's irreplaceable, think quickly in crisis, do what's asked without complaint, and know your strengths ("know your chickens"). Throughout your career, identify good bosses, bad bosses, good colleagues, bad colleagues—then deliberately repeat what works.
Distinguish between having a job and building a career—both are valid, but require different commitments. A job is 9-to-5, turn off your phone, go home. A career has no boundaries on energy, effort, and sacrifice. Neither is inherently better, but mismatched expectations create disappointment. If you want a career, ask yourself: Do I have purpose? Passion? Would I do this even if unpaid? If yes, the sacrifices become investments rather than burdens.
In volatile markets, doing nothing is often the best action—but it's not inaction. When markets crash, the drive to "do something" feels overwhelming. But strategic stillness—choosing not to trade, not to react—is a deliberate decision made after thoughtful analysis. The challenge is channeling kinetic energy productively (writing, educating) rather than destructively (panic selling). Even doing nothing means you're doing something for your portfolio.
The future's greatest opportunity and risk both involve democratization. Excitement: private markets becoming as accessible as bonds, with transparency and liquidity. Fear: social media finfluencers providing ungrounded advice, creating GameStop-style mob behavior disconnected from fundamentals. The shift from "wisdom of crowds" to "madness of mobs" represents coordinated rather than spontaneous irrationality—and that's more dangerous because it's purposeful wealth redistribution from the influenced to influencers.
Timestamps
00:00 - Welcome and how Jonathan and Anna met: seeking win-win solutions
01:00 - Anna's journey: entertainment law to asset management via 1998 EU directive
04:00 - Discovering ETFs: "My family never stood a chance" in the old system
09:00 - Anna today: Chief Business Officer at State Street ($4.7T assets)
10:00 - The restaurant owner mentor: lessons from the fired chef incident
15:00 - Sacrifice and career vs. job: "Is it all worth it?" (Answer: yes)
21:00 - ETF mechanics: content + technology = democratized access
24:00 - Psychology of investing: managing fear and removing emotion
31:00 - The two grandmothers: joy in servitude vs. fierce independence
38:00 - Future of investing: excitement (private markets) and fear (finfluencers)
42:00 - Rapid-fire questions: the F-word (both favorite and least favorite), adrenaline, kids' voices
About Anna Paglia
Anna Paglia is Executive Vice President and Chief Business Officer at State Street Global Advisors, where she oversees long-term growth strategy across global ETFs, index, cash, and defined contribution for the world's fourth-largest asset manager ($4.7 trillion in assets). Prior to joining State Street in 2024, she spent over a decade at Invesco as Global Head of ETFs, where she led a platform of 350+ ETFs totaling over $460 billion and launched 104 new ETFs across the US, Canada, and Europe.
Born in Italy to schoolteacher parents, Anna began her career as an entertainment lawyer in Rome before discovering her life's purpose in asset management. When her father earned $10,000 annually and mutual funds required $15,000 minimums, she realized families like hers were systematically excluded from wealth-building. This experience drives her mission to democratize investing through accessible products like ETFs, which allow participation with as little as $25.
Recognized as one of Barron's 100 Most Influential Women in US Finance (2022-2023), Anna serves on the boards of WISE (Women Investing in Security and Education) and the Lyric Opera of Chicago. She holds a JD from L.U.I.S.S. Law School in Rome and an LLM from Northwestern University School of Law, and is admitted to practice law in Illinois and New York.
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Disclaimer
The content of "Treussard Talks" is for informational and educational purposes only and should not be considered financial advice. The views expressed are those of the host and guests and do not necessarily reflect the opinions of Treussard Capital Management or its affiliates. Consult your own financial advisor before making any investment decisions. For full disclosures, visit treussard.com.