Asset Allocation Implementation for High-Net-Worth Client

As a senior analyst at a wealth management firm, you have been given a task to assist in implementing a new asset allocation strategy for a high-net-worth client. The client has a significant investment portfolio and has expressed a dual interest in growth and income generation while being mindful of market volatility. The client has a long-term investment horizon of 15 years, a moderate risk tolerance, and prefers a diversified approach across various asset classes.

Considering these factors, describe how you would approach the implementation of the asset allocation strategy. Your response should focus on the steps taken to allocate assets effectively, including any considerations for diversification, liquidity, and rebalancing strategies. Additionally, discuss how you would monitor the portfolio's performance and make adjustments over time.