Fee-only financial advisory and portfolio management company Capital Investment Advisors has launched a new spin-off company designed to meet the needs of investors with less than $500,000 in assets.

The new venture, Wela Strategies, will provide portfolio management solutions for the underserved investment group as well as offer advisors the opportunity to serve a wider client base.

"We identified this segment of the market as emerging affluent investors, who have difficulty finding institutional-quality investment and financial advice," said Mitch Reiner, COO of Atlanta-based Capital Investment Advisors.

According to Capital, Wela takes a model ETF portfolio approach which allows clients to gain exposure to all aspects of the market.

The company also announced the appointment of Paul Scudellari to Director of Business Development for Wela. Scudellari most recently served as Senior Relationship Manager for the southern sales region at Charles Schwab.

"This is an enormous win for Wela Strategies," says Wes Moss, Capital's chief investment strategist. "Paul is one of the most well respected individuals in our industry, coming from the premier firm serving the RIA community."