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The correct answer is C. Managed account agreement with investment objectives. This document is essential for Managed Accounts because it outlines the client's investment objectives, risk tolerance, constraints, and other important details that guide the management of the account. It serves as the foundation for creating an investment strategy that aligns with the client's goals and preferences. Without a clear and detailed managed account agreement, it would be challenging for the portfolio manager to effectively manage the client's account.

While items like the client's financial statement, quarterly performance summary, and brokerage account history are important for monitoring and evaluating the account, they are not as essential as the managed account agreement with investment objectives, which sets the direction for how the account should be managed.