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."
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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.
"I think people need to look at [whether] you have the right balance in your portfolio," Hanson said.
The Dow Jones industrial average was down more than 200 points midday Monday, while the benchmark index briefly dipped below 2,000, a key psychological level.
However, Vanguard's global chief economist, Joe Davis, said Monday that this may be an opportunity for investors to buy some stocks at a discount.
"I think some investors that are disciplined are taking advantage [of the fall] because they're following a systematic rebalancing strategy. We went into the year with a very guarded and muted outlook for the returns on the markets, but that said, we weren't so bearish as to say that investors should get out of the market," Davis told CNBC's "Squawk Alley."
John Stoltzfus, chief investment strategist at Oppenheimer Asset Management, echoed Davis' comments in the same interview.
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"We're in the eye of the storm right now but, when we look back historically, when the eye of the storm occurs, in hindsight is always one of the best times to pick up what has been thrown out in haste. We would have to think that the markets here, particularly for sophisticated investors, are offering significant opportunities that might not be realized for months," he said.