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In this discussion, the speaker, who has worked at JP Morgan for 25 years, explains the distinctions between wealth management and asset management. Asset management involves managing money for individuals, institutions, and funds through various vehicles like mutual funds, ETFs, and hedge funds. It focuses on the fiduciary responsibilities tied to these investments. In contrast, wealth management encompasses asset management while also taking into account an individual's entire financial picture, including mortgages and loans. Wealth management aims to provide comprehensive financial support beyond just investment management.