Power Play: Stocks to own in 2016

Citigroup offices in New York City. 
Adam Jeffery | CNBC
Citigroup offices in New York City. 

As the Fed gets ready to raise interest rates for the first time in nine years, it may be time to add banks to your portfolio. Robert Pavlik, chief market strategist at Boston Private Wealth, tells CNBC's "Power Lunch" on Wednesday financials will become more attractive later this year.

"I suspect that most of the forecasted rate increase has already been baked into the prices of most of these financials," Pavlik said. "As we move past the December 16th FOMC meeting, I expect the group will grow in attraction as the market begins to assume additional rates hikes in 2016."

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He likes Bank of America and Citigroup in this environment. "At this point, I'm looking for at least two interest rate hikes in 2016, with the possibility of a third," Pavlik said.

Bank of America and Citigroup are little changed during trading and have been flat year-to-date.