Creating an Investment Policy Statement for a High-Net-Worth Individual

Julia is a 52-year-old entrepreneur with a net worth of $7 million. She has recently sold her business and is looking to invest her proceeds in a diversified portfolio. Julia has specific goals: she wants to maintain her lifestyle in retirement, fund her children's education, and also contribute to charitable causes that are important to her. Julia is risk-averse and prefers investments that provide capital preservation along with modest growth.

Your task is to develop a comprehensive Investment Policy Statement (IPS) for Julia. In your response, consider her investment goals, risk tolerance, time horizon, and liquidity needs. Detail the specific components of the IPS, including asset allocation, investment selection criteria, and monitoring protocols.