Gateway Financial Partners

August 2023

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August 2023 | Monthly Economic Update

ECONOMIC UPDATE Facebook LinkedIn Twitter US Credit Rating Downgrade What happened? The rating agency Fitch downgraded the US government credit rating one notch from AAA, its highest grade, to AA+ on August 1, 2023. The justification was rising debt, fiscal deterioration, and “the erosion of governance” from repeated debt limit standoffs. Fitch issued a downgrade

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What is an Investment Policy Statement (and Should You Have One)?

In the financial industry, the term “Investment Policy Statement” is used a lot – but what is an Investment Policy Statement (or IPS) and do you really need one? Definition of Investment Policy Statement (IPS) An investment policy statement is a document written to provide the strategy for selecting and monitoring plan investments. This document

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Are You a Fiduciary (And What You Need to Know)

The term “Fiduciary” comes from the Latin word “fiduciaries” which means trust.  In 401(k) terms, a fiduciary is someone entrusted with complying with the requirements outlined in ERISA—the Employee Retirement Income Security Act of 1974. This act governs the management and operation of retirement plans and protects the interests of those invested in the plan.

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