In April I have managed to convince 3 of my friends to get their money off of exchanges into self custody hot wallets. That's a small, yet undeniable, win. Step-by-step I will eventually teach them what passphrases do and I will ask them to create a new wallet. Then I will help them go to cold storage. Then to airgapped devices. Them multisig.
I think that is unnecessary and risks both confusing them as well as them making a mistake. There is no need for them to migrate wallet four times.
All they need is something safer than a hot wallet if they are going to be storing an amount of bitcoin which is significant to them. Personally, I'm a big proponent of a separate device, fully airgapped, connectivity hardware removed, running a clean install of Linux, with full disk encryption. But I am also under no illusion that such a set up is fairly complicated to set up and use safely, and indeed, suggesting it to everyone will definitely lead to some people messing up and losing all their coins. For most people, the best approach will be with a good hardware wallet such as a Passport.