A broker/dealer, investment adviser, broker/dealer representative, or investment advisor representative may only transact business in a state after obtaining proper licensing and satisfying qualification requirements of that state, or only if they are excluded or exempted from the state's broker/dealer, investment adviser, 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, as the case may be, shall not be made without first complying with the state's broker/dealer, investment adviser, 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 adviser, broker/dealer representative, or investment advisor representative, a consumer should contact his or her state securities law administrator. Raymond L. Adams is licensed to sell securities in the state of Washington.