With a fee-based account, full-service brokerage account: The client is charged a fee based on assets under management (AUM) The client is charged a fee based on the number of trades made in a given period of time The client is charged a fee based on the growth of the assets in the portfolio The client is charged a flat fee for professional advice Which of the following is not true with respect to discretionary and managed accounts? Discretionary accounts may not be solicited. Managed accounts may be solicited IAs other than partners or directors may not accept authorization for a simple discretionary account Discretionary authority with respect to a managed account must be given by the client in writing Managed accounts are usually opened for a short period of time, as a matter of convenience. Discretionary accounts are managed on an on-going basis Which of the following is a reason behind the popularity of fee-based accounts? Fee based accounts charge an annual fees that is a % of assets under management and clients do not pay any transaction fees. Fee-based accounts are more transparent regarding disclosure of all costs involved Fee changed in a fee-based account is tax deductible for non-registered accounts. O All of the above