Monitoring and Rebalancing Client Portfolios

As an investment analyst at a wealth management firm, you are responsible for monitoring client portfolios. One of your clients has a diverse portfolio that includes equities, fixed income, and alternative investments. Recently, you have observed significant changes in market conditions, including rising interest rates and increased market volatility.

Describe the key factors you would consider in your ongoing monitoring of this client's portfolio. Discuss the role of performance attribution analysis in your assessment and how it may inform your recommendations for potential rebalancing actions. Additionally, address how changes in client circumstances or investment objectives may impact your monitoring and rebalancing strategy.