Leonard Reinhart, a leader in the separately managed account industry, is joining the board of directors of Wealthcare Capital Management, which has been embroiled in a patent lawsuit with UBS Financial Services.

Reinhart is the founder of the Lockwood family of companies, based in Mt. Vernon, Pa., an independent separate account platform, which he sold to Bank of New York. He was president of the Consulting Group Of Smith Barney, the investment management consulting division of Smith Barney, Upham Harris & Co. He was responsible for developing programs that introduced institutional-level professional investment management services to the individual investor marketplace. Under Reinhart's leadership, the Consulting Group dominated its market, gathering more than $70 billion in assets under management.

"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," says David B. Loeper, president and CEO of Wealthcare Capital, and chairman of Financeware Inc., Wealthcare's parent company. 

Wealthcare, a provider of wealth management advisor services and systems, has sued UBS for what Wealthcare considers infringement on two of its patents for financial planning programs. Reinhart expressed his sense of confidence in Wealthcare in joining the board of directors. He and Loeper have known each other for years and were working on similar liability management systems when Reinhart headed Lockwood.

"Dave kept improving his system of managing goals and future liability and evolved the technology to where it is today. I love the way he manages money and the way it helps baby boomers think about retirement," Reinhart says. "For him to get a patent on the process says a lot about the unique process he has developed."

-Karen DeMasters