Power Play: Do not get out of emerging markets completely

Employees work in a textile factory in Suzhou, China.
China Daily | Reuters
Employees work in a textile factory in Suzhou, China.

Many investors have been pulling out of emerging markets as growth slows in China, but one veteran strategist tells CNBC's "Power Lunch" on Thursday, you need to invest in EM long-term.

"We reduced our emerging market equity exposure slightly a few months ago, but we still have notable exposure to EM equities and are focusing exclusively on Asia," said Darin Richards, chief investment officer at AKT Wealth Advisors.

He fully expected the slowdown in Chinese growth and believes it is a good thing.

Read MoreVolatility returns to China stocks: Time to worry again?

"The government has stated a desire to move toward a more consumer-led economy and this transition to slower growth is natural. We would rather see slower higher-quality growth than growth driver by government spending on unnecessary roads, ports, and cities – which led to the commodity bubble that is being deflated," Richards said.

The majority of Richards' equity exposure in Asia is through consumer stocks.

"We think the rise of the middle-class consumer in Asia, particularly China and India, could be [a] driver of strong earnings growth in the coming years," Richards said.

The Shanghai Composite closed higher on Thursday.