Key Components of an Investment Policy Statement for Mary

Mary, a 40-year-old professional, has recently received a significant promotion that increased her annual salary to $150,000. With a stable career and a projected retirement age of 65, she is keen on investing her increased income to meet her financial goals. Mary has no dependents and is currently renting an apartment while saving for a future home purchase.

As her financial advisor, you are tasked with developing an Investment Policy Statement (IPS) tailored to her circumstances. Describe the key components that should be included in Mary's IPS and explain why each is important for her investment strategy.