This is password protected, so then an attacker must crack the password. The author exchanges the password over a phone call, which requires the password to be relatively weak, meaning the password is probably crackable. Exchanging the password via a second channel that the other user can copy and paste a more difficult password from to decyrpt the document might be more secure. The password may be more exposed, but…
If they were using a stupid hash like, say, MD5 the time to brute force that would still be months on a GPU, but they are using PBKDF2/SHA-1 which is significantly more work.