All of the following are true with regard to custody of client funds under the investment advisors act of 1940 except? [a] the ia must maintain records for each account and the amount of each client's beneficial interest.[b] the ia must notify each client in writing of the location and manner in which funds and securities will be maintained.[c] the ia is required to be registered as an ia and also registered as a broker-dealer.[d] client funds must be deposited in one or more bank accounts which contain only client funds.