As you say, alias_method must be used carefully. Given this contrived example :
module CustomClient
...    
    host.class_eval do
      alias :old_account_balance :account_balance
      def account_balance ...
        old_account_balance
      end
...
class CoreClass
    def old_account_balance ... defined here or in a superclass or
                                in another included module
    def account_balance
        # some new stuff ...
        old_account_balance # some old stuff ...
    end
    include CustomClient
end
you end up with an infinite loop because, after alias, old_account_balance is a copy of account_balance, which now calls itself :
$ ruby -w t4.rb 
t4.rb:21: warning: method redefined; discarding old old_account_balance
t4.rb:2: warning: previous definition of old_account_balance was here
[ output of puts removed ]
t4.rb:6: stack level too deep (SystemStackError)
[from the Pickaxe] The problem with this technique [alias_method] is that you’re relying on there not being an existing method called old_xxx. A better alternative is to make use of method objects, which are effectively anonymous.
Having said that, if you own the source code, a simple alias is good enough. But for a more general case, i'll use Jörg's Method Wrapping technique.
class CoreClass
    def account_balance
        puts 'CoreClass#account_balance, stuff deferred to the original method.'
    end
end
module CustomClient
  def self.included host
    @is_defined_account_balance = host.new.respond_to? :account_balance
    puts "is_defined_account_balance=#{@is_defined_account_balance}"
        # pass this flag from CustomClient to host :
    host.instance_variable_set(:@is_defined_account_balance,
                                @is_defined_account_balance)
    host.class_eval do
      old_account_balance = instance_method(:account_balance) if
                @is_defined_account_balance
      define_method(:account_balance) do |*args|
        puts 'CustomClient#account_balance, additional stuff'
            # like super :
        old_account_balance.bind(self).call(*args) if
                self.class.instance_variable_get(:@is_defined_account_balance)
      end
    end
  end
end
class CoreClass
    include CustomClient
end
print 'CoreClass.new.account_balance : '
CoreClass.new.account_balance
Output :
$ ruby -w t5.rb 
is_defined_account_balance=true
CoreClass.new.account_balance : CustomClient#account_balance, additional stuff
CoreClass#account_balance, stuff deferred to the original method.
Why not a class variable @@is_defined_account_balance ? [from the Pickaxe] The module or class definition containing the include gains access to the constants, class variables, and instance methods of the module it includes.
It would avoid passing it from CustomClient to host and simplify the test :
    old_account_balance if @@is_defined_account_balance # = super
But some dislike class variables as much as global variables.