Investors need to look at where they stand and consider what changes to make amid this market downturn, Scott Hanson, co-founder and CEO of Hanson McClain Group, said Monday.
"I think right now should be a wake-up call for people to say 'How much do I have allocated in equities? How much do I have in foreign markets?'" he told CNBC's "Squawk on the Street." "If you look over time, we've had some serious pullbacks and over the past 50 years, we've had eight times when the market fell more than 20 percent. We haven't had a major pullback in a while and a lot of investors need to get ready."
U.S. stocks followed European equities lower Monday, with the three major averages falling at least 1 percent, still reeling from the United Kingdom's shocking vote to leave the European Union.