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Wealthy Clients Clamor for Backdoor Roth IRAs. Advisors May Want to Keep that Door Shut.
Headlines detailing PayPal founder Peter Thiel’s $5 billion tax-free individual retirement account have some high-net-worth clients looking to their advisors to plot a similarly lucrative course on their behalf.
“I’ve gotten so many calls on this,” says Neel Shah, a financial advisor and owner of Beacon Wealth Solutions in Monroe, N.J. “They all want to do what Thiel did.”
Without…
