A fundamental problem here (in addition to fees) is a misunderstanding of risk.  Financial planners are required to assess the risk tolerance of clients and to invest in accordance with that tolerance.  But most people don't understand risk.  When asked "are you comfortable with risk?" they hear "are you ok with losing all of your money?".  The answer in invariably "no".  

That's why Louise was invested in more than 50% cash, which after inflation is actually guaranteed to LOSE money.  Louise had a 15 year investment horizon when she started investing. She could have been in a 100% equity portfolio.  If she'd invested $110K in XIC (an ETF that tracks the TSE) she'd have $156,000 today. Did she incur risk? Yes.  She invested right before the Great Recession.  On March 1, 2009 her $110K starting portfolio was worth only $71,500.  But she didn't need the money then.  As noted, if she continued to hold she'd have $156K today for an average return of 4.5% per year.  Education is paramount.