Wealthcare Capital Management, the Virginia-based asset management firm, has added industry veteran Leonard Reinhart to its board of directors.

Reinhart comes to Wealthcare's board at a time the firm is expanding its wealth management offerings in the country. He recently retired from the Lockwood family of companies, which he founded and where he served as president. As board member of Wealthcare, he will be participating in the company's business development efforts. 

"As baby boomers retire and the marketplace continues to lack stability, our industry needs vision, paired with versatile client-centric processes. By understanding the needs of each client, the Wealthcare process is creating a new standard for the industry," said Reinhart in a statement. 

Reinhart brings over 30 years of industry experience to this position. Prior to founding Lockwood in 1995, he was president of the consulting group of Upham Harris & Co, the investment management consulting division of Smith Barney. Under his leadership, the group gathered some $70 billion in assets under management and brought its client network to over 200,000.

Wealthcare was founded in 1999 and now holds around $395 million in AuM.