This woman is a poster child for why most people have such horrible returns. 

Allocation is the biggest issue - a portfolio of 53% cash, 32% equities and 15% bonds over the last 10 years returned approx 3.2% before fees. A 60/40 stock bond portfolio would have provided 5.2% before fees. So probably about 5% if you used etfs. 

Fees are a major drag on performance, but a bigger problem is that the vast majority of people are not properly wired to make intelligent investing decisions. They buy high and sell low. Studies show the average investor loses far more money to buying high and selling low than they do to fees. The client here is probably the reason for 52% cash, we could have a selloff in bonds and stocks and she would likely go 100% cash. 

Fees are coming down, and that's great, but people aren't suddenly wired differently, more and more people are jumping into the market as it continues an 8 year run and most will bail when the inevitable next correction comes