A Washington, D.C.-based wealth management firm led by high-profile advisor and CNBC contributor Michael Farr has been acquired by Hightower, according to an announcement today.

Farr, Miller & Washington, which also has offices in Naples, Fla., and Devon, Pa., has $2 billion in assets under management. It provides individuals, families and institutions with comprehensive, conservative, long-term investment portfolios and trusted strategic advice, the release said. 

Farr, president and CEO of the firm, is also the author of three books. He will take on a broader role at Hightower as chief market strategist collaborating with Hightower’s investment solutions group, headed by Stephanie Link, chief investment strategist and portfolio manager. This, the release noted, is an opportunity for advisors to benefit from his insight and thought leadership.

Farr's firm, which was founded in 1996, is rooted in fiduciary-based investment management. It has 20 employees, including 13 investment professionals focused on serving affluent clients and institutions. The investment team, the release noted, “uses a rigorous, disciplined investment process to build client portfolios, while providing financial and wealth planning services to wealthy individuals and families.”  

Bob Oros, Hightower chairman and CEO, said he has “personally” known Farr for more than 15 years and he and his team are highly respected both inside the Beltway and throughout the U.S. “We couldn’t be more thrilled that they have chosen to join Hightower for the next chapter of their growth and are honored to be welcoming them to the firm,” he said in a statement.

“I have known Bob and members of the Hightower leadership team for many years and have great respect for their philosophy of empowering and equipping advisors to deliver institutional-class service,” said Mr. Farr. “We considered several firms, and chose to join Hightower because of the culture, supportive community and broad-based business services that will help us deliver a streamlined wealth management experience to our clients now and for decades to come.”

Headquartered in Chicago, Hightower has 115 businesses across 34 sates and the District of Columbia. As of June 30, the firm had about $125.2 billion in assets under administration and about $101 billion in AUM.