QUESTION 20 Generally speaking, how would you explain the difference between management fees charged to an institutional client and the management fees charged to a retail mutual fund? O A. The fee difference is typically justified because they are different products that require very different levels of service and effort by the advisor OB. The fee difference is justified because institutional accounts and mutual funds always have the same profit margin O C. 15c relates to mutual fund fees so institutional account fees are not relevant to the discussion with the board OD. A and B