A system and method for adjusting the alignment and location of a magnet. A first actuator exerts a first applied force to urge the magnet in a first axial direction and a first biasing device exerts a first opposing force. The first applied force and opposing forces are modulated relative to each other to position the magnet at a lateral location. A second actuator exerts a second applied force to urge the magnet in a first angular direction about a pivot axis and a second biasing device exerts a second opposing force. The second applied and opposing forces are modulated relative to each other to position the magnet at a select angular orientation relative to the magnet holder. The magnet is secured to the magnet holder after positioning. The magnet can also be rotated about its geometric centerline to position its magnetic axis.