Rebalancing Strategies in Portfolio Management

As a wealth manager, you are overseeing a portfolio for a client with a target allocation of 60% equity and 40% fixed income. Due to recent market performance, the equity portion has grown to 70%, while fixed income has decreased to 30%. Discuss the importance of rebalancing in this context and explain at least two different rebalancing strategies that could be employed to bring the portfolio back to the target allocation.