Have killed it since the recession net of my 1% fee. But it is true that the average investor sees about a 2% return over a full market cycle because of the simple fact they don’t know what they’re doing. JP Morgan does a bunch of research on stuff like this. Look up their Guide to the Markets it’s interesting stuff.
If he’s only adding a 1-2% premium over the average investor I don’t know how he’s still in business but I commend him for sticking to the grind