Analyze rebalancing needs for a portfolio: 1. Current vs. Target Allocation: - Current weights by asset class - Target weights - Deviation (absolute and relative) 2. Drift Analysis: - Positions outside tolerance bands - Time since last rebalance - Drift drivers (performance vs. flows) 3. Rebalancing Options: - Full rebalance to targets - Threshold-based partial rebalance - Tax-aware rebalancing 4. Trade List: - Buys required (asset class, amount) - Sells required (asset class, amount) - Net cash flow 5. Cost Analysis: - Transaction costs (commissions, spreads) - Market impact estimate - Tax implications of sells 6. Implementation Considerations: - Timing (market conditions) - Order type recommendations - Phased execution plan (if large) 7. Post-Rebalance Projections: - New allocation - Expected risk/return change - Factor exposure change Output: Rebalancing trade list with cost-benefit analysis.