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The speaker, who has spent 25 years at JP Morgan, oversees the asset and wealth management business. Wealth management is often confused with asset management, but they have distinct differences. Asset management involves managing investments for individuals, institutions, and funds through various vehicles like mutual funds, ETFs, stocks, bonds, hedge funds, and private equity. This constitutes the fiduciary aspect of their services. In contrast, wealth management encompasses asset management along with a comprehensive understanding of a client's entire financial situation, including assistance with mortgages and loans, thereby offering a more holistic financial service to clients.