RIAs lose 2% to 5% of assets under management each year through standard retirement withdrawals and one-time client distributions, according to a recent Cerulli report. That may not sound alarming until it’s compared with the industry’s average annual organic growth of just 3% to 4% from 2019 through 2024. In many cases, routine client retirement spending can wipe out much of a firm’s hard-earned growth. “To climb out of that hole, you not only need to backfill, you need to go out and get more,” said Stephen Caruso, director of wealth management at Cerulli. Tell Your Friends About MeClient referrals remain the most significant source of new assets for RIAs.