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Ric Edelman believes investors should focus on their long-term objectives instead of fretting about stock prices.
The financial advisor was asked what advice he would give to a client worried about market valuations.
"We've got to focus on our perspective," Edelman told CNBC's Mike Santoli Thursday from the TD Ameritrade LINC conference in Orlando, Florida. "Yeah prices are really high, everything is expensive. Compared to what? Compared to the past? Absolutely right. But compared to 10 or 20 years from now? Probably not."
Edelman said if investors are saving for long-term goals such as retirement or a children's college fund, today's prices will look attractive 20 years from now.
"If we have a long-term approach, it helps give us the stability, the insulation to tolerate the fact, between now and then, we might see a major market correction," he said.
The advisor did warn investors to stay away from distressed debt and junk bonds due to credit risk.
Edelman is founder and executive chairman of Edelman Financial Services. The firm has more than $21 billion in assets under management. He has been ranked as the country's No. 1 independent financial advisor by Barron's three times.