How did you experience the introduction of ETFs in the early days?

I don't want to say that every beginning is difficult (or was), but I still remember well how much educational work had to be done to show what an ETF actually is. At that time, it was a topic for purely institutional investors; interestingly, we have intensified this educational work for the end customer, especially in the last 12-24 months. Things have come full circle! Back then, there was no interest from retail customers, and the trend has clearly reversed today. What I also remember well were the discussions about "active versus passive" - but these are still being held today. It's almost like déjà vu.

What challenges did you face as a woman in the financial industry, and how did you overcome them?

Honestly, I don't believe that women have fewer opportunities than men. I rather think that performance pays off. In six years on the HVB trading floor, I learned ETF trading from the ground up and took on a management position within a short time. I think it's easier for a woman to get a client appointment, for example, but as a woman, you sometimes have to prove yourself more. And it becomes really challenging when you think about family planning and the woman becomes pregnant - I think companies should continue to question how family-friendly they really are and how easy it is, for example, to return to work after pregnancy. I see further need for action here.

What was your proudest moment in your ETF career?

There are many great moments, but one stays in my memory. A few years ago, my employer, Vanguard, ran an out-of-home marketing campaign in ski resorts in Germany. I remember it as if it were yesterday how my two sons shouted "Look, Mom, Vanguard!" Later in the gondola, other skiers asked my ten-year-old son who or what Vanguard was. To my astonishment, or rather to my great joy, my son asked back whether they had really not yet dealt with the topic of retirement provision and then explained the long-term use of ETFs for retirement. When the gondola arrived at the top station, my son had gone even further and pitched the advantages of ETF savings plans as well.

What tips would you give investors when putting together a portfolio for long-term wealth accumulation?

I clearly stick to Vanguard's four investment principles, which the company has been living and implementing for 50 years now: First: You have to set your goals and pursue them. Second: You have to know and manage your risk tolerance - preferably diversify as broadly as possible. Third: a look at the costs - every euro that goes into costs works against me and is missing from my return. And fourth: stay disciplined - especially in volatile market phases, keep your feet still and don't let yourself be diverted from your goals.

How do you see the future of ETFs in the next 25 years?

If the percentage increase in savings plans in Germany over the last five years is a benchmark, then the next 25 years will be amazing! The ETF first opened up a new world to institutional investors, and now to retail investors as well. It couldn't be better, could it? What gives me pause for thought are ETFs on niches and themes, or even leveraged ETFs - products that are difficult to understand, products on themes or trends that a retail investor can hardly or not at all understand. You have to be careful there. But in general: in 25 years I would like to write again about how the ETF success story began 50 years ago.