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Despite market highs, it's not too late to get into the game, experts say

  • Investors need to expect more volatility and not the double-digit returns the market has enjoyed the past few years, Edward Jones' Kate Warne said.
  • That means investors should look for quality companies and have a diversified portfolio, she explained.
  • Riverfront Investment Group's Michael Jones said he sees good technical and fundamental support for the market.

The market is near all-time highs, but it's not too late for investors to get into the market — they just have to have realistic expectations, expert Kate Warne told CNBC on Wednesday.

That means no more double-digit returns and more volatility, she explained.

"What you need to be doing is looking at quality companies, making sure you have a diversified portfolio and you're looking at a little longer-term horizon," the principal investment strategist at Edward Jones said in an interview with "Power Lunch."

U.S. stocksfailed to hold earlier gains on Wednesday, closing mostly lower as investors digested President Donald Trump's outline for tax reform.

Michael Jones, chairman and chief investment officer at Riverfront Investment Group, also thinks there is more upside ahead.

"A lot of people were too conservatively positioned. They'd come pouring in every time the market pulls back even a little. That suggests to us that the market is in great shape technically and we're getting a lot of good fundamental support for that technically strong position," he told "Power Lunch."

That includes earnings and the Trump administration's tax reform announcement on Wednesday, he noted.

"The stalling out of the market was in expectation that Trump might go on the sidelines with some of his policy proposals. That's clearly not happening," Jones said.

— CNBC's Fred Imbert contributed to this report.

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