Infocus Money Management has added three new businesses made up of former employee representatives of the failed Storm Financial.
In making the move, the Queensland-based dealer group hired five financial advisers in total.
Infocus managing director Darren Steinhardt said the move will draw mixed reaction from the adviser community, the public and the FPA.
But Infocus is trying to help the several professional advisers whose reputation and finances have plummeted simply because they were associated with Storm, he said.
"I know a whole lot of people are going to say Infocus is trying to just increase adviser number for its business," Steinhardt told InvestorDaily.
"But we're not. I've known some of these advisers that we've hired for 20-plus years and would trust my finances to them."
"It would be a lot easier for us commercially to walk away from this thing ... I believe it would be ethically wrong to sit back and do nothing in fear of what may be said about our motives."
Infocus has had a double-digit number of former Storm advisers requesting employment, but they were rejected as a lot of them helped create the fatally flawed advice which ruined Storm clients' lives, he said.
Infocus was also doing everything in its power to find, help and advise former Storm clients who actually may not know the financial predicament they may be in.
"You have a number of people out there who are only 2 per cent or 5 per cent away from a margin call, with the interest on their margin loans capitalising," Steinhardt said.
"If the market doesn't rise soon, they'll also be facing margin calls. If the market drops again, they can be devastated."
