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Power Play: What not to do with your portfolio

Nancy Brown | Photographer's Choice | Getty Images

With the stock market posting double-digit returns the past three years, many people are starting to add more risk to their portfolios. One financial advisor telling CNBC's "Power Lunch" on Tuesday this is alarming if you are in retirement or near retirement age.

"I'm starting to see income-oriented investors wanting to dial up risk to maximize earnings potential in portfolios," said Jamie Cox, managing partner at Harris Financial Group.

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Cox believes they are abandoning their principles and are forgetting what we've learned since the tech bubble and financial crisis. "You have a few good years, you can flip from fear to greed very quickly," Cox said.

You "shouldn't chase performance to get 200 or 300 extra basis points. That's irresponsible," added Cox.