A method for reducing loads acting on a wind turbine includes determining, via a processor, at least one loading condition of the wind turbine resulting from a wind shear condition below a design threshold, determining, via the processor, a rotor speed setpoint of the wind turbine to cause an increase in thrust when the at least one loading condition exceeds a loading threshold; operating the wind turbine based on the rotor speed, and operating a rotor imbalance control module of the wind turbine to at least partially compensate for the at least one loading condition of the wind turbine resulting from the wind shear condition below the design threshold.