James Stillman is an investment adviser representative with Rock, Feller, and Standard (RFS), a covered adviser with its principal office in State O. Stillman works out of an office in State P and has 4 retail clients there. In addition, Stillman has 25 retail clients in State D, 6 retail clients in State M, and 1 retail client in State O. Stillman would be required to register as an investment adviser representative in
A) States D and M.
B) States P, D, and M.
C) State P.
D) States P and O
I am a bit confused here. I chose P,D, and M since in P and M, he has more than 5 retail clients whereas in P, he has an office but the answer was state P only. What did I miss? Please advise. Thanks
