Financial Advice Association Australia says advice reforms and cutting red tape are among the most urgent tasks for new Financial Services Minister Daniel Mulino. 

Dr Mulino was named today as the retiring Stephen Jones’ replacement after Labor won the May 3 election.

FAAA CEO Sarah Abood told a webinar last week that the announcement would be "pretty important".

“As soon as we know who that minister is, we will certainly be taking to that minister a pretty long list of things that we think are important to get action on soon.”

Other proposed changes include fixing the compensation scheme of last resort’s funding model, growing the pool of advisers and allowing access to the tax portal.

“We took five things that we felt are important and urgent for the next government to address,” Ms Abood said.

She says the peak body’s concerns over the compensation scheme “will remain top of our list for the new minister”.

On cutting red tape, she says the first tranche of advice reforms “was aimed at trying to help that situation, but there’s no doubt there is still a hell of a lot of work to do there ... Lastly, we really do need to regrow the profession and our numbers are nowhere near where we need them to be to support consumers with professional financial advice, which we think is critical.”

The FAAA addressed the challenges facing the profession in a submission to Treasury.

It says the remaining advice reforms are “critically important” to achieving objectives set out by the government.

“[They] are the most critical reforms for the financial advice profession in a generation,” the submission says. “It is important that the complete … tranche two package will make high-quality financial advice more accessible and affordable, and we are very keen to engage in the next stage of consultation on the complete package, with this goal in mind.”