North Bay Business Journal

The Internal Revenue Service has released its annual “dirty dozen” list of top tax scams, highlighting schemes that have proliferated during the current tax season and detailing the ramp-up of its efforts to fight fraud. …

Santa Rosa-based accounting firm Dal Poggetto & Company has three new staff accountants from the Sonoma State University accounting program, with plans to hire a fourth after the completion of an internship at the firm. …

David Homan, MS, CFP, has joined Willow Creek Financial Services, Inc. as a financial adviser. …

The office of California State Controller John Chiang has created a day-to-day tally of income tax revenue as it is accounted for at the capitol. …

A common financial planning “hot button” is worry over the cost of healthcare on a fixed income in retirement. While we cannot predict how much care a retiree will need or his/her actual life expectancy, health care risks can be mitigated by maintaining good health, understanding Medicare and by informed financial planning.

Does the current bullish market awaken latent urges in you for bigger returns in your portfolio? If so, you’ll be interested in the new science of neuroeconomics and current research about investor behavior and emotions. Jason Zweig , personal finance Wall Street Journal columnist and author of Your Money and Your Brain: How the Science of Neuroeconomics Can Help Make You Rich, has researched a new discipline called neuroeconomics, combining biology, psychology and economics to explore why investors make emotionally-charged financial decisions.

Many aspects of life require careful consideration and balancing of the tradeoffs that arise from competing demands. For example, a common lifestyle tradeoff is working longer hours versus spending more time with your family.

The competing demands within this decision are the income necessary to provide a suitable quality of life for your family versus the immeasurable benefits of quality time spent with them. There is no right answer, but most people understand the tradeoff and attempt to find the balance that is right for them.

Clearly, the U.S. and global economy are still in a slow-growth recovery period, but there is some reason to be optimistic that 2013 could be a turning point in the long climb out of the Great Recession. After six years of decline, the housing market appears to have finally bottomed out in 2012. The inventory of homes on the market is down 20 percent or more from a year ago, and sales of existing single-family homes jumped 11 percent in 2012.

As the dust settles from the congressional wrangling over a set of tax provisions to avert the so-called “fiscal cliff,” North Bay financial planners said one thing is clear — few will escape the impact, but those fearing economic Apocalypse in 2013 can breathe a sigh of relief.

Everyone is looking for an edge when it comes to investing. Who knew gender could be a factor? Often it is the male who professes more interest in finance and investing, but it turns out the female brain’s innate affinity for “connecting and protecting” has some advantages.

Tax laws are likely to change in 2013, and now is the time to take advantage of some of the most advantageous estate tax benefits you may see in your lifetime. This assumes that you have a carefully conceived estate plan which allows you to decide how your assets should be handled when you die or become incapacitated. You’ve probably spent a great deal of time and energy accumulating your wealth, and a good estate plan protects your interests and those of your loved ones when you no longer can.

Many people struggle with managing personal finances because as net worth increases, financial decision-makings becomes more complex. Although professional advice can help, most investors think that their financial counselors’ only job is to manage their investments. A good adviser, however, will look beyond a client’s assets and provide guidance on taxes, retirement, estate planning, insurance, and more. But how do investors measure the value they receive from broader financial counsel and not just on investments?

When working with a specialist — a doctor, lawyer, auto mechanic or anyone else — asking the right questions is critical in getting your needs met and the best service possible. However, we often don’t know what we don’t know, thus formulating smart questions can be difficult.

Here are some of the most important questions to ask your existing or prospective investment adviser and why.

The average American spends 45 years or 90,000 hours working. She typically spends about half that time — 20 years or more — retired. Yet, planning for retirement is often overlooked or put off until it’s too late to adequately prepare.

The Business Journal surveyed wealth management advisers across the North Bay on three questions related to the investment climate today and long term.

Wealth managers surveyed were Colleen Supran of Bingham, Osborn & Scarborough, Charles Root of Double Eagle Financial, Steven Jenkins of Exchange Bank, Brian Pon of Financial Connections, James Burleson of Greenleaf & Burleson Wealth Management, Neil Hennessy of Hennessy Funds, Noah Jacobson of Jacobson & Breen Wealth Strategies, James Demmert of Main Street Research, Montgomery Taylor of Montgomery Taylor & Company, John Whiting of Moss Adams Wealth Advisors, Greg Friedman of Private Ocean, Clark Jorgensen of Private Wealth Partners, Michael Gradl of Redwood Credit Union, Michael Schmitz of Schmitz Capital Partners, Eric Aanes of Titus Wealth Management, Jon Mallon of UBS Financial Services, Evan Oliver of VERITY Wealth Advisors, Henry Pilger of Vista Wealth Management, Irv Rothenberg of Wealth Management Consultants, Bruce Dzieza of Willow Creek Financial Services and Alice King of Wine Country Wealth Management.

Mark Keating, certified financial planner and advisor, was named a partner with Willow Creek Financial Services, a wealth management firm in Sebastopol.

Rebecca Na Li, M.D., joined the North Marin Internal Medicine Specialists in Novato — one of the Marin Healthcare District Medical Care Centers.

Jennifer Lucas, M.D., a medical oncologist at Marin General Hospital’s Marin Cancer Institute, was honored as the 2012 Healing Professional by Zero Breast Cancer.

Artisan Sotheby’s International Realty hired Mike Bryant.

Quelene Slattery joined Grgich Hills Estate as national accounts manager, a new position for the winery.

Mendocino Wine Company appointed John Girty vice president of national sales.

As financial planners and investment advisers, we study market trends and research, and are privy to the predictions and analyses of various pundits and experts. Ironically, some of the wisest investment advice comes from a man who had no money to call his own. Aesop the fable writer lived in Ancient Greece during the 5th Century B.C. and the morals of his stories give us great insight into smart investing for today’s volatile marketplace.

Building wealth, retiring comfortably, enjoying financial security. Isn’t this the dream of every business person? Yet, the reason many people never reach their goals is a combination of the seven biggest money mistakes we see in our practice.

At a time when investors face widely swinging markets and an uncertain legislative outlook, several North Bay wealth advisers maintain that a long-term approach remains the core of a sound wealth management strategy. North Bay Business Journal asked advisers to comment on the current investment climate, the top concerns of clients, current pitfalls and how upcoming economic and legislative events might affect the world of wealth management.

Also: New hires at Moss Adams, partners at BPM