An investment adviser representative of a federal federal covered adviser with no office in the state only has insurance companies as clients. where must the adviser representative register?

Neither the SEC and nor the State

Explanation:

If an Investment advisor has his clients only in the form of insurance companies, which are already registered with both the SEC and the State.

Therefore, the federal government can regulate and take care of the insurance companies, and the transactions of insurance companies with the investment advisor through the organizations.

This clearly provides for the no requirement of registration of the investment advisor with any organization. If the insurance companies would not have been registered the requirement would definitely be mandatory for the advisor.

Explanation:

Chloe does not have to be aa registered agent if she is not able to make investment choices for her clients

answer; dividing net income by 1- t ;