Wealthcare Capital Management announced Tuesday that Len Reinhart, the former president and founder of the Lockwood family of companies, will join the firm’s board of directors. In addition, he will participate in the firm’s business development efforts.

Reinhart (left) who retired from Lockwood, joins Wealthcare’s board at a time, according to the firm, when it is “expanding its offerings in ways that will dramatically change the wealth management landscape.” David B. Loeper, president and CEO of Wealthcare Capital, said of the move, “We are truly honored to have Len join our board, as we consider him to be ‘the father of managed accounts’ and a true icon of our industry. Len will bring a superior strategic perspective to our company.”

He continued, “He has exceptional vision, vast industry knowledge and, most importantly, he understands the value of the Wealthcare process to clients and how it will reshape the financial advising industry.”

Prior to founding Lockwood in 1995, Reinhart was president of the consulting group of Smith Barney, the investment management consulting division of Smith Barney, Upham Harris & Co. He started his career in 1978 at E.F. Hutton & Co., before its merger with Smith Barney, and was directly responsible for developing programs that introduced institutional-level professional investment management services to the individual investor marketplace.

Reinhart is recognized as one of the founders of the separately managed account industry. Speaking about his move to Wealthcare, he said in a statement, “The Wealthcare process is the right approach for building wealth and bringing Wall Street back to Main Street. As baby boomers retire and the marketplace continues to lack stability, our industry needs leaders with vision, paired with versatile client centric processes. By understanding the needs of each client, the Wealthcare process is creating a new standard for our industry.”

Lockwood Advisors, the leading SMA platform provider that is a subsidiary of BNY Mellon and an affiliate of Pershing LLC, has lost a number of important people of late; several top executives, including Lockwood co-founder and former CIO Donald Robinson, broke away from the firm recently to form Palladiem Partners.