As always, anything could associate with risk.

Picking a manager itself is a big step. I know someone who stick with her manager for many years, and her whole family with the firm for decades. 

Also, The time frame/risk the your friend choose is also an issue. I would not conclude from your cases.

The interesting thing is that I rarely find our Chinese fellows who trust other professionals. I am not a professional in the field. However, if I have that much money, I would definitely go to a wealth manager, unless my kids can do a decent job for me.