In an initiative to allow accountants to sell more fee-based investments, Capital Professional Advisors Inc. said Monday that it will offer private money management, exchange-traded funds, mutual funds, stocks, and bonds in a single portfolio.

The Minneapolis investment adviser, whose clients are 22 middle-market accounting firms, will offer financial options to individuals with less than $250,000 to invest.

"You could call our approach a 'hybrid' because, perhaps for the first time, clients have access to the best investment solutions, as opposed to being forced to use either one type of product or another," said Doug Wright, president of Capital Professional Advisors.

Clients of the accounting firms that are associated with Capital, regardless of the size of their portfolio, will have access to a private money manager, as well as exchange-traded funds and the more traditional investment vehicles of mutual funds, stocks, and bonds.

"Each of these products has its own fundamental attraction," Mr. Wright said. One is not better than the other, rather "each is best for a specific application. But unfortunately these products are often [imitated] in other firms."" Capital, whose 22 member firms represent $650 million in accounting revenue and 250 offices nationwide, serves approximately 300,000 clients. It will offer privately managed accounts to investors with less than $250,000 in assets through a partnership with FundQuest Investors of New York.

Mr. Wright said Capital was able to offer private money management to clients with accounts as small as $45,000 because of the combined assets of the 22 firms.

Mr. Wright said exchange-traded funds are attractive because investors don't have to deal with the unrealized capital gain problem inherent with most index funds and mutual funds. And, because they are considered securities, exchange-traded funds offer many of the same tax-management capabilities found in individual stocks.

"We're working behind the scenes so that our member firms can establish their credibility as valued financial advisers," Mr. Wright said.

Mr. Wright added that Capital will announce the addition of several more products and services in its fee-based platform before the end of the year.

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