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There have been reports of permanent side effects, however, that has not been the representative experience of the population that uses this drug. There is risk with any medication, however, we have about 20 years of clinical experience with this drug for BPH, and about 15 years for hair loss, and the incidence has been low.
I am not denying that side effects happen, they happen to some, and they are unfortunate, but he will not know this until he tries the drug. Scaring someone away from this is pointless. Taking any medication is a risk, so he should know the possibilities, but to suggest that side effects are the typical, or even common experience is misinformation.
I suppose everybody is afraid of different things. I personally am far more afraid of having my head cut open for surgery than I am about changing my hormones. So the fear is understandable, but you need to look at the data.