A broker/dealer, investment advisor, broker/dealer representative or investment advisor representative may only transact business in a particular state in the U.S. after licensure or satisfying qualification requirements of that state, or only if they are excluded or exempted from the state's broker/dealer, investment advisor, or broker/dealer representative or investment advisor representative requirements, as the case may be. Neither may they follow-up individualized responses to consumers in a particular state that involve either the effecting or attempting to effect transactions in securities or the rendering of personalized investment advice for compensation, without first complying with the state's broker/dealer, investment advisor, broker/dealer representative or investment advisor representative requirements, or pursuant to an applicable state exemption or exclusion. For information concerning the license status or disciplinary history of a broker/dealer, investment advisor, broker/dealer representative or investment advisor representative, a consumer should contact his or her state securities law administrator. Investment products and services and fee-based investment advisory services (if offered) are available only to residents of Alaska, Arkansas, Arizona, California, Colorado, Florida, Hawaii, Idaho, Michigan, Minnesota, New York, Nevada, North Carolina, Oregon, Texas, Virginia, Washington and Wisconsin.