ACADEMY OF FINANCIAL SERVICES OFFICERS President Robert Moreschi Virginia Military Institute President-Elect Duncan Williams Western Carolina University Executive Vice President-Program Swarn Chatterjee University of Georgia Vice President-Communications David Nanigian California State University, Fullerton Vice President-Finance Thomas Langdon Roger Williams University Vice President-International Relations Claire Matthews Massey University Vice President-Professional Organizations Frank Laatsch University of Southern Mississippi Vice President-Mktg & Public Relations Chris Browning Texas Tech University Vice President-Membership Sherman Hanna Ohio State University VP Local Arrangements 2016 Swarn Chatterjee University of Georgia Immediate Past President William Chittenden Texas State University EDITOR, FINANCIAL SERVICES REVIEW Stuart Michelson Stetson University DIRECTORS Charles Chaffin CFP Board of Standards Inga Chira California State University, Northridge Victoria Javine University of Alabama Halil Kiymaz Rollins College Frances Lawrence Louisiana State University Tom Potts Baylor University Janine Scott Massey University Martin Seay Kansas State University PAST PRESIDENTS Thomas Coe, 2015-2016 Quinnipiac University William Chittenden, 2014-15 Texas State University Lance Palmer, 2013-14 University of Georgia Frank Laatsch, 2012-13 University of Southern Mississippi Brian Boscaljon, 2011-12 Penn State University-Erie Halil Kiymaz, 2010-11 Rollins College of Business David Lange, 2009-10 Auburn University, Montgomery Vickie Hampton, 2008-09 Texas Tech University Frank Laatsch 2007-08 University of Southern Mississippi Daniel Walz, 2006-07 Trinity University Anne Gleason, 2005-06 College of Charleston Stuart Michelson, 2004-05 Stetson University Grady Perdue, 2003-04 University of Houston-Clear Lake Vickie Bajtelsmit, 2002-03 Colorado State University Karen Eilers Lahey, 2001-02 University of Akron Tom Eyssell, 2000-01 University of Missouri-St. Louis Jill Lynn Vihtelic, 1999-00 Saint Mary’s College Terry Zivney, 1998-99 Ball State University Don Holdren, 1997-98 Marshall University Robert McLeod, 1996-97 University of Alabama Walt Woerheide, 1995-96 The American College Dixie Mills, 1994-95 Illinois State University Ted Veit, 1993-94 Rollins College Mona Gardner, 1992-93 Illinois Wesleyan University Jean L. Heck, 1991-92 Villanova University Frank K. Reilly, 1990-91 University of Notre Dame Lawrence J. Gitman, 1989-90 San Diego State University Travis S. Pritchett, 1988-89 University of South Carolina Tom Potts, 1987-88 Baylor University Robert F. Bohn, 1986-87 Golden Gate University Tom Warschauer, 1985-86 San Diego State University published in collaboration with the Financial Planning Association Financial Services Review is the journal of the Academy of Financial Services, published in collaboration with the Financial Planning Association. Membership dues of $75 to the Academy include a one-year subscription to the journal. Financial Planning Association members receive digital access to the current volume/issue of the journal. Membership forms may be accessed at the journal website at http://www.academyfinancial.org. Or for membership, subscription, and address change notification, please contact Stuart Michelson, School of Business, Stetson University, 421 N. Woodland Blvd., Unit 8398, DeLand, FL 32723. Email: smichels@stetson.edu. Editorial: Authors should submit their papers electronically (Word format, no PDFs please) as an e-mail attachment to the Editor at smichels@stetson.edu. AFS Member submission fees are $50. The AFS non-member submission fee is $125, which includes a one year membership to AFS. Concurrent with the submission, please pay online or mail a check (for US funds) payable to AFS to Stuart Michelson at the address above. Should a manuscript revision be invited, no additional fees will be required. Style information for manuscripts is on the inside back cover of this journal. Copyright © 2017 Academy of Financial Services. All rights of reproduction in any form reserved. Financial Services Review The Journal of Individual Financial Management Vol. 26, No. 3, 2017 EDITOR Stuart Michelson, Stetson University ASSOCIATE EDITORS Benefits and Retirement Planning Vickie Bajtelsmit Colorado State University Stephen M. Horan CFA Institute Walter Woerheide The American College Estate Planning Ning Tang San Diego State University Investments Robert Brooks University of Alabama Dale Domian York University Jim Gilkeson University of Central Florida Jason Greene Georgia State University William Jennings United States Air Force Academy David Nanigian CSU Fullerton Insurance Larry Cox University of Mississippi David Lange Auburn University Financial Institutions Stanley D. Smith University of Central Florida Investor Psychology and Counseling John Nofsinger Washington State University Meir Statman Santa Clara University Real Estate International Bill Blair MacQuarie University S. J. Chang Illinois State University Lawrence Rose Massey University Sharon Taylor University of Western Sydney Education Jerry Stevens University of Richmond Financial Planning Profession Tom Warschauer San Diego State University Co-Published by the Academy of Financial Services and the Financial Planning Association The editor of Financial Services Review wishes to thank the Stetson University, School of Business, for its continuing financial and intellectual support of the journal. Aims and Scope: Financial Services Review is the official publication of the Academy of Financial Services. The purpose of this refereed academic journal is to encourage rigorous empirical research that examines individual behavior in terms of financial planning and services. In contrast to the many corporate or institutional journals that are available in finance, the focus of this journal is on individual financial issues. The Journal provides a forum for those who are interested in the individual perspective on issues in the areas of Financial Services, Employee Benefits, Estate and Tax Planning, Financial Counseling, Financial Planning, Insurance, Investments, Mutual Funds, Pension and Retirement Planning, and Real Estate. Publication information. Financial Services Review is co-published quarterly by the Academy of Financial Services, and the Financial Planning Association. Institutional subscription price for the year 2014 is $100. Personal subscription price for the year 2014 is $75 and is available by joining the Academy of Financial Services. Further information on this journal and the Academy of Financial Services is available from the website, http://www.academyfinancial.org. Postmaster and subscribers should send change of address notices to Stuart Michelson, Academy of Financial Services, Stetson University, School of Business, 421 N. Woodland Blvd., Unit 8398, DeLand, FL 32723. Editorial Office: Stuart Michelson, School of Business, Stetson University, 421 N. Woodland Blvd., Unit 8398, DeLand, FL 32723. Phone: (386) 822-7376. Email address: smichels@stetson.edu. Web address: www.academy financial.org. Advertising information. Those interested in advertising in the journal should contact Stuart Michelson, School of Business, Stetson University, 421 N. Woodland Blvd., Unit 8398, DeLand, FL 32723. Email address: smichels@stetson.edu, (386) 822-7376. Printed in the USA © 2017 Academy of Financial Services. All rights reserved. This journal and the individual contributions contained in it are protected under copyright by the Academy of Financial Services, and the following terms and conditions apply to their use: Photocopying Single photocopies of single articles may be made for personal use as allowed by national copyright laws. In addition, the Academy of Financial Services hereby permits educators and educational institutions the right to make photocopies for non-profit educational classroom use. Permission of the Academy is required for all other photocopying, including multiple or systematic copying, copying for advertising or promotional purposes, resale, and all forms of document delivery. Permissions may be sought directly from the Editor, Stuart Michelson. Contact information: Stuart Michelson, School of Business, Stetson University, 421 N. Woodland Blvd., Unit 8398, DeLand, FL 32723. Phone: (386) 822-7376. Email: smichels@stetson.edu. Derivative Works Subscribers may reproduce tables of contents or prepare lists of articles including abstracts for internal circulation within their institutions. Permission of the Academy is required for resale or distribution outside the institution. Permission of the Academy is required for all other derivative works, including compilations and translations. Electronic Storage or Usage Permission of the Academy is required to store or use electronically any material contained in this journal, including any article or part of an article. Except as outlined above, no part of this publication may be reproduced, stored in a retrieval system or transmitted in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise, without prior written permission of the Academy. Address permissions requests to the Editor at the address noted above. Notice No responsibility is assumed by the Academy for any injury and/or damage to persons or property as a matter of products liability, negligence, or otherwise, or from any use or operation of any methods, products, instructions, or ideas contained in the material herein. The Editors, the Academy, and our sponsors assume no responsibility for the views expressed by our authors.