Speaker 1: OK. So now you've been at J.P. Morgan for about 25 years. Yes. So and now you run one of the most important parts of J.P. Morgan which is I say is the asset and wealth management business for people that aren't that familiar with wealth management. What actually is wealth management and how is that different than asset management. Great question. The two are

Speaker 2: often used interchangeably but that but but there they have distinctions. Asset management business is where we manage money on behalf of individuals institutions sovereign wealth funds pension funds. We manage them in mutual funds. We manage them in ETFs. We manage them in single stock single bonds hedge funds private equity and the like. And that is the heart of the fiduciary business that we run here at J.P. Morgan. Wealth management is that plus understanding someone's entire balance sheet. So for the individuals where we manage money we also help them with their mortgage. We help them with a loan that they might need. We help them with their basic credit card. And so wealth management is trying to help someone with their entire life both their assets and their liabilities their planning their gifting the legacy that they want to leave for their families. The 529 plans they need to prepare to get their kids to go through college. And it's a great it's a great insight into people's you

Speaker 1: know entire journey. Now many organizations like J.P. Morgan have wealth management businesses. Some are bigger than some are smaller. But basically you're managing money for and doing other things for wealthy people more or less. Is that fairly right for

Speaker 2: wealthy people. Although you know many of the successful wealth management firms today have figured out how to take all of those great learnings for what they do with very wealthy people and also package them for people who are have their first paycheck and they want to be able to save a little bit of money or want to have access to things that maybe they wouldn't normally have. And so we've been able to take things like what we do for a super wealthy family package it into a bite size where you walk into a chase branch and you're able to get some of some of the same advice. And so it's it's I think it's opening up the world to be able to help people. And you know the most important thing is to be able to save early. And if someone can be there to help you through that you know that's that's one of the most important things. If you look at you know an average investment in the world if you just look over the past 20 years take a balanced portfolio it's about 6.4 percent average annual return for people that generally manage money. The problem is most individuals actual return is less than 3 percent. So it's less than half of that. Why. Because they make emotional decisions when markets are one way or another. They get caught up in the hype of things. And so it's super important to have that advice as early on as we can give it. And I think you know that that's the rewarding part about about this business is being able to try to help people through all of those different journeys that they have.