McCombs Wealth Management Center Joins With Harvard Brain Science and Law Group To Fight Fraud Against Elderly

Researchers will apply neuroscience to financial advising for growing elder population

The Center for Law, Brain & Behavior (CLBB) has recently partnered with the Wealth Management Center (WMC) at The University of Texas at Austin to tackle elder financial abuse, which costs $80 billion annually. The WMC is part of the McCombs School of Business, and the CLBB is based at Massachusetts General Hospital, a Harvard Medical School teaching facility.

The collaboration aims to use cutting-edge neuroscience research to develop innovative tools and strategies to protect seniors who may be facing cognitive decline and to enhance the effectiveness of financial advisers.

“Our joint efforts will pave the way for innovative practices in wealth management, ensuring that professionals are well equipped to meet the needs of clients with complex neurocognitive challenges,” said Robert Kinscherff, CLBB executive director. “This partnership aligns perfectly with our mission to bridge academia and industry for the betterment of financial practices and protection of vulnerable persons.”

Ramesh Rao, director of the Wealth Management Center, added: “We are excited to partner with Massachusetts General Hospital and the CLBB, world-renowned leaders in medical research and innovation. This collaboration allows us to integrate actionable neuroscience with behavioral finance, pioneering a new era in wealth management. By equipping students in our BBA degree program and financial professionals with the knowledge and skills to better serve clients facing complex neurocognitive challenges, we can make a real difference in people’s lives.”

Both institutions will work together to research and implement best practices, develop educational programs for financial professionals, and create resources for families and caregivers. The goal is to foster a safer financial environment for the growing elder population and their families, ensuring that autonomy and well-being are preserved.

“With our aging baby boomer population, this important research is paramount for an industry built on trust,” said Russ Norwood, founder and CEO of Venturi Private Wealth of Austin.

The partnership underscores the commitment of the CLBB and the WMC to improve the lives of individuals and families through innovative research, education, and practice. By combining their expertise in neuroscience and financial services, the two institutions are poised to make a significant impact on the field of wealth management, elder care practices, and the financial well-being of vulnerable seniors.

Key Areas of Collaboration

• Academic and professional publications.
• Professional conferences and workshops.
• Pilot training programs with wealth management professionals.
• Funding opportunities.

About CLBB
The Center for Law, Brain & Behavior is based in the Department of Psychiatry at Massachusetts General Hospital, the largest and oldest teaching hospital of Harvard Medical School. It is dedicated to bringing accurate and actionable neuroscience and related sciences to bear upon public policy, law, and professional practice in the legal and judicial arenas. Massachusetts General Hospital is consistently ranked in the top tier of U.S. News & World Report’s Best Hospitals. It operates the largest hospital-based research program in the world.

About WMC
The Wealth Management Center at The University of Texas at Austin is committed to advancing financial education, providing the wealth management industry with highly qualified graduates from its top-ranked business school, and fostering strategic partnerships. Through its advisory board, composed of national industry leaders, the WMC aims to drive innovation and transform the future of wealth management.