Father (85) has 85% of his portfolio in equities

Le fils d'un homme de 85 ans ayant 85% de son portefeuille en actions se demande si cela est trop risqué étant donné son âge et ses besoins financiers.

I have recently been granted power of attorney to look after my father's affairs due to his dementia. He has a very good pension income of about £50k plus an investment portfolio of around £1.5m. His investments are managed by a financial advisor which he has used for many years and with whom he has a good relationship. My father now lives in a care home which costs around £70k per year and this is his only expense. My concern is that when I looked at his investment portfolio it consists of about twenty different funds including emerging markets, smaller companies, Japan etc. I have estimated that about 85% is invested in equities and the rest in bonds which I feel is unnecessarily risky for a person of his age and situation. I would welcome feedback on what type of portfolio is appropriate for somebody in his position and how best to implement this.