He needs a self-directed investment plan
Really
No excuse for that kind of loss last year
Only someone passive would let a fund manager fritter away their savings in such poor investments - learned that after losing 1/3 of our investment fund values in 2008, Never again.
If I remember the plan correctly there are 15 or 16 funds you can divide your funds among. You were allowed ONE change in a 30 day period, not just in a month but in 30 days. It wasn’t the best situation and I can see how he could lose money... easily.