With more than 50 years in financial planning, Patrick Murphy has seen the profession evolve. Although he’s recently stepped back from advising clients, he’s challenging conventional thinking about what really drives client outcomes.

In this episode of IFA Talk, hosts Matt and Sue sit down with Patrick to explore his latest insights on Targeted Support, consumer behaviour and the future of advice. With Targeted Support kicking off from April, will this be the game-changer it’s often set out to be? The answer is probably yes but, as we’ll explore today, maybe not for the reasons that most people are thinking about.

Patrick’s recent paper, Financial Planning in Transition: Beyond Targeted Support (2025–2030), builds on his work in hybrid advice and argues that the way advisers support client behaviour could transform outcomes at scale. Today, we discuss what that means in practice and why understanding behaviour may be more important than simply providing knowledge or information.

We talk with Patrick about why good advice often fails, not because it’s wrong, but because it isn’t acted upon, how regulators and firms can misread the advice process, and why compliance alone doesn’t guarantee good outcomes, the shift from one-off recommendations to ongoing behavioural support and how advisers can adapt day-to-day, how Targeted Support could succeed or fail depending on whether it’s treated as content/compliance or as behaviour design, and the practical takeaways for advisers looking to improve client outcomes in a rapidly evolving profession.