Parties connected with failed investment group Trio Capital (Trio) will be the target if a new class action by a South Australian financial adviser gets off the ground.

The class action will target directors, trustees, the responsible entity and ratings agencies connected to the group.

Seagrims managing director Peter Seagrim said the Astarra Recovery Group (ARG) had been set up to pursue a class action against any party connected with Trio and is in talks with law firm Macpherson & Kelley (M+K).

"I'm in the process of gathering information, including advisory firm details, so that M+K can decide whether to proceed with a class action process. We can't sit around and wait for whatever happens - we have to be out there looking for the money," he said.

M+K principal Ron Willemsen has started the investigation process, according to Seagrim.

A spokesperson for M+K confirmed that the law firm was waiting on information from the ARG.

Seagrim said that directors, trustees, auditors WHK and KPMG, legal firm Deacons Australia (now known as the Norton Rose Group) and ratings agencies such as Aegis Equities Research and Van Eyk Research were potential targets.

"It really is about all the people that had a finger in the pie for Trio ... we will be going after anyone and everyone if we need compensation for our clients and we will be looking at every possibility," Seagrim said.

Seagrims, the Port Augusta-based advisory practice, had $10 million invested in 1300 accounts affected by the Trio Capital collapse.

Seagrim also expressed frustration with the Minister for Financial Services Chris Bowen, ASIC and the Australian Prudential Regulation Authority (APRA).

"He [Bowen] is not really in touch ... they all say they're working towards a common goal and they're not. There's all this red tape that's preventing them from proceeding," he said.

"This whole debacle has nothing to do with the elusive money trail. It has everything to do with ASIC and their inadequate, irresponsible laws that do not provide the investors with the ability to access their money."