[1] Phillips recalled that the rise in punk rock in England at the time of The Geese & the Ghost increased the pressure for him to write more commercial songs and deliver hit singles.

He had started an instrumental album based on Tarka the Otter, but the project was put on hold due to his difficulty in securing a recording deal.

[2] Within such a climate, Phillips found himself "forced" to make a new studio album of "mainstream pop songs" which he never felt completely comfortable doing,[3] and lacked enough confidence in the material he had written by himself.

[4] After Phillips secured a deal with Arista Records,[6] the original plan was for Wise After the Event to be released as an album with an accompanying EP of extra material.

The unreleased music was released in 1980 on Private Parts & Pieces II: Back to the Pavilion, the second in his series of "generic" albums that showcase ideas, demos, and outtakes of recordings.

The British magazine Hi-Fi News & Record Review wrote: "Soft strums, songs and keyboard waves typify" the album which has "a mild Mike Oldfield touch to it" which "augurs well for its chances".

[13] Rob Patterson for The Bismarck Tribune gave a short positive review, noting the album is "a soft, subtle, but very tasteful slice of that-now-famous [Genesis] sound", and concludes with: "A heartening return".

[14] Chris Carson for the Press & Sun-Bulletin thought the album was not as successful as The Geese & the Ghost where Phillips "had the right idea" to play the instruments himself and leave the vocals to others.

She recognises his classical influences which is simultaneously "futuristic and ageless" and cites "We're All as We Lie" as the best example of his unconventional style, and suggested the album will appeal to esoteric music fans.

[17] In a retrospective review, AllMusic's Dave Thompson recognised that the album was made during "an invigorating period" for Phillips and noted his increased confidence "oozes out of every groove".

Thompson rated Wise After the Event as more cohesive than The Geese & the Ghost but lacks the experimental nature of its predecessor and considered it to have too many ballads and "samey" music.