Rebalancing Strategies for a High-Net-Worth Portfolio

As a portfolio manager, you are responsible for overseeing a diversified investment portfolio for a high-net-worth client. The client's investment objective is to achieve long-term capital appreciation while maintaining an acceptable level of risk. Given the recent shifts in market conditions, particularly with an increase in volatility observed over the past six months, you are considering the merits of rebalancing the portfolio.

Discuss the various rebalancing strategies you could employ to ensure that the client's portfolio remains aligned with their investment objectives. In your response, include considerations regarding the frequency of rebalancing, costs associated with each strategy, and the influence of market conditions on your decision-making process.