Pro: Attention investors, reallocate immediately

With the Dow Jones industrial average at a record high and the S&P 500 within a stone's throw of its top mark, financial advisor Ric Edelman said Friday it's time to reallocate immediately.

Traders on the floor of the New York Stock Exchange.
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Traders on the floor of the New York Stock Exchange.

"Rebalance now" with an increased weighting on stocks, the head of Edelman Financial Services said on CNBC's "Power Lunch."

That is, rather than hold bonds or cash, Edelman believes long-term investors will be better served with equities.

Of course, that doesn't necessarily mean buy stocks today.

Edelman said rather than fear volatility, individual investors should hope for it—and leverage it.

Over the past several years, "when the market has dropped, it's been a buying opportunity," Edelman said.

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And given all the tailwinds in the market, including the surprise move by the Bank of Japan to increase stimulus, Edelman sees every reason to embrace equities all the more.

Therefore, the next time shares sell off, don't panic. Instead, Edelman said, identify good companies and then buy on the decline.