Assessing Appropriateness of Benchmarks

James is a portfolio manager at a wealth management firm, overseeing a diversified portfolio consisting of equities and fixed income. He has recently come under pressure from clients to demonstrate the portfolio's performance relative to its benchmarks. During a client meeting, he explains that he benchmarked the equity portion of the portfolio against the S&P 500 and the fixed-income portion against the Bloomberg Barclays U.S. Aggregate Bond Index.

James's assistant, Clara, raises a concern about the benchmarks used for performance evaluation. She suggests that both benchmarks may not reflect the portfolio's actual risk profile and investment strategy accurately. What is the potential issue with the benchmarks James has chosen for performance evaluation?