You are right, having over 50 answers within a day all saying it’s your own fault isn’t helpful. Maybe some geteiltes Leid ist halbes Leid helps? I had (temporarily) lost nearly 200k in unrealized gains on August 2nd and 5th alone. It sucks, but you have to look at it long-term. And while not great, she still had a return that was adequate and within expectations over her five year investment period for a 20% equity allocation, and she definitely still did better than by just having it cash on an account only.
I disagree, and think you are taking an extremely hard stance on FP here. I very much support their solutions, and it needs someone to push the boundaries of what is legally possible to see a positive development on the market in general (e.g. VIAC had a tremendous positive effect on pillar 3 investment solutions in CH). And having served on multiple pension fund supervisery boards, I can you tell you two things:
(1) The supervision of pension funds is generally taken very seriously, not just by the relevant authority but also by the third party expert and your auditor.
(2) The law, supported by court rulings, still leaves you with a very decent amount of freedom to act. And it does so, exactly because you are a wealth manager, and not a simple broker. You can absolutely allow a certain share of the fund, or even all, to violate the recommended BVV2 investment principles and policies.