An investment adviser (RIA) or investment advisor (IA) representative may only transact business in a state if first registered, or if it is excluded or exempt from state registered investment adviser or IA registration requirements as appropriate. Follow-up and/or individualized responses to persons in a state by such a firm or individual that involve either effecting or attempting to effect transactions in securities, or the rendering of personalized investment advice for compensation, will not be made without first complying with appropriate registration requirements, or an applicable exemption or exclusion. For information concerning the licensing status or disciplinary history of an investment adviser or IA rep, a consumer should contact their state securities law administrator.