Alice's Ethical Dilemma in Client Investment Requests

Alice is a financial advisor employed by a well-established investment firm. During a client meeting, a long-standing client, Mr. Thompson, expresses dissatisfaction with the performance of his portfolio, specifically questioning the allocation towards a certain underperforming fund managed by Alice's firm. Mr. Thompson suggests that Alice consider reallocating his assets to a new, higher-risk investment that promises better returns but has not yet been vetted by the firm's investment committee.

Feeling the pressure to satisfy her client's desires and retain his business, Alice contemplates making the change without the necessary approval from her firm's compliance and investment management policies. She knows that the new investment could lead to higher volatility and potential losses, but also acknowledges that if it succeeds, it could reflect positively on her performance metrics.

What should Alice do to uphold the ethical standards set forth by CFA Institute?