And my answer, as someone who doesn't work for a password company but is into this sort of thing, is "Yes, I believe one can be." -- or more precisely, "When you do it yourself, as opposed to a no-real-liability password company, you can get a better read on what the issues are."

Consider a classic "grandma" solution. A little notebook with good passwords kept in the purse or wallet. The issues here are more knowable than with LastPass or whatever.