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