Implementing an Asset Allocation Strategy for David

David is a 30-year-old investor who has recently received a windfall from an inheritance of $1 million. He is excited to invest this amount but is uncertain about how to construct his portfolio. David has a moderate risk tolerance and a time horizon of at least 30 years until he plans to access this money for purchasing a home.

As David's financial advisor, you have proposed an asset allocation strategy focusing on a mix of equities, fixed income, and alternative investments. Outline the steps you would take to implement this asset allocation plan, considering both strategic and tactical adjustments, and explain how you would communicate the rationale behind these choices to David.