The primary difference between discretionary accounts and managed accounts is that:

a) Managed accounts are client portfolios that are managed by a licensed portfolio manager, usually for a fee, while discretionary accounts are opened for clients as a convenience to clients who are unable or unwilling to attend to their own accounts.

b) Discretionary accounts are client portfolios that are managed by a licensed portfolio manager, usually for a fee, while managed accounts are opened for clients as a convenience to clients who are unable or unwilling to attend to their own accounts.

c) Discretionary accounts are managed by the client, while a managed account is managed by a person appointed by the client.

d) Managed accounts are managed by the client, while a discretionary account is managed by a person appointed by the client.