Revenue from Contracts with Customers (Tables)

6 Months Ended

Jun. 30, 2024

Revenue from Contract with Customer [Abstract]

Schedule of disaggregated revenue by segment

The following tables present revenue disaggregated by segment on an adjusted operating basis with a reconciliation of segment revenues to those reported on the Consolidated Statements of Operations:



	Three Months Ended June 30, 2024
	Advice & Wealth Management		Asset Management		Retirement & Protection Solutions		Corporate & Other		Total Segments		Non-operating Revenue		Total
	(in millions)
Management and financial advice fees:
Asset management fees:
Retail	$	—	$	522	$	—	$	—	$	522	$	—	$	522
Institutional	—		161		—		—		161		—		161
Advisory fees	1,361		—		—		—		1,361		—		1,361
Financial planning fees	110		—		—		—		110		—		110
Transaction and other fees	100		52		16		—		168		—		168
Total management and financial advice fees	1,571		735		16		—		2,322		—		2,322
Distribution fees:
Mutual funds	199		56		—		—		255		—		255
Insurance and annuity	260		40		84		—		384		—		384
Off-balance sheet brokerage cash	40		—		—		—		40		—		40
Other products	109		—		—		—		109		—		109
Total distribution fees	608		96		84		—		788		—		788
Other revenues	66		—		—		1		67		—		67
Total revenue from contracts with customers	2,245		831		100		1		3,177		—		3,177
Revenue from other sources (1)	571		17		828		117		1,533		51		1,584
Total segment gross revenues	2,816		848		928		118		4,710		51		4,761
Banking and deposit interest expense	(172)		—		—		(7)		(179)		—		(179)
Total segment net revenues	2,644		848		928		111		4,531		51		4,582
Elimination of intersegment revenues	(236)		(23)		(108)		7		(360)		(2)		(362)
Total net revenues	$	2,408	$	825	$	820	$	118	$	4,171	$	49	$	4,220



	Three Months Ended June 30, 2023
	Advice & Wealth Management		Asset Management		Retirement & Protection Solutions		Corporate & Other		Total Segments		Non-operating Revenue		Total
	(in millions)
Management and financial advice fees:
Asset management fees:
Retail	$	—	$	490	$	—	$	—	$	490	$	—	$	490
Institutional	—		157		—		—		157		—		157
Advisory fees	1,154		—		—		—		1,154		—		1,154
Financial planning fees	104		—		—		—		104		—		104
Transaction and other fees	96		48		14		—		158		—		158
Total management and financial advice fees	1,354		695		14		—		2,063		—		2,063
Distribution fees:
Mutual funds	179		51		—		—		230		—		230
Insurance and annuity	222		39		82		—		343		—		343
Off-balance sheet brokerage cash	84		—		—		—		84		—		84
Other products	84		—		—		—		84		—		84
Total distribution fees	569		90		82		—		741		—		741
Other revenues	59		7		—		—		66		—		66
Total revenue from contracts with customers	1,982		792		96		—		2,870		—		2,870
Revenue from other sources (1)	492		16		762		151		1,421		53		1,474
Total segment gross revenues	2,474		808		858		151		4,291		53		4,344
Banking and deposit interest expense	(131)		—		—		(3)		(134)		—		(134)
Total segment net revenues	2,343		808		858		148		4,157		53		4,210
Elimination of intersegment revenues	(211)		(19)		(104)		3		(331)		(3)		(334)
Total net revenues	$	2,132	$	789	$	754	$	151	$	3,826	$	50	$	3,876


	Six Months Ended June 30, 2024
	Advice & Wealth Management		Asset Management		Retirement & Protection Solutions		Corporate & Other		Total Segments		Non-operating Revenue		Total
	(in millions)
Management and financial advice fees:
Asset management fees:
Retail	$	—	$	1,052	$	—	$	—	$	1,052	$	—	$	1,052
Institutional	—		320		—		—		320		—		320
Advisory fees	2,664		—		—		—		2,664		—		2,664
Financial planning fees	222		—		—		—		222		—		222
Transaction and other fees	194		102		30		—		326		—		326
Total management and financial advice fees	3,080		1,474		30		—		4,584		—		4,584
Distribution fees:
Mutual funds	395		112		—		—		507		—		507
Insurance and annuity	507		79		168		—		754		—		754
Off-balance sheet brokerage cash	90		—		—		—		90		—		90
Other products	214		—		—		—		214		—		214
Total distribution fees	1,206		191		168		—		1,565		—		1,565
Other revenues	126		5		—		1		132		—		132
Total revenue from contracts with customers	4,412		1,670		198		1		6,281		—		6,281
Revenue from other sources (1)	1,143		33		1,642		246		3,064		100		3,164
Total segment gross revenues	5,555		1,703		1,840		247		9,345		100		9,445
Banking and deposit interest expense	(351)		—		—		(15)		(366)		—		(366)
Total segment net revenues	5,204		1,703		1,840		232		8,979		100		9,079
Elimination of intersegment revenues	(461)		(47)		(214)		14		(708)		(5)		(713)
Total net revenues	$	4,743	$	1,656	$	1,626	$	246	$	8,271	$	95	$	8,366


	Six Months Ended June 30, 2023
	Advice & Wealth Management		Asset Management		Retirement & Protection Solutions		Corporate & Other		Total Segments		Non-operating Revenue		Total
	(in millions)
Management and financial advice fees:
Asset management fees:
Retail	$	—	$	981	$	—	$	—	$	981	$	—	$	981
Institutional	—		309		—		—		309		—		309
Advisory fees	2,263		—		—		—		2,263		—		2,263
Financial planning fees	205		—		—		—		205		—		205
Transaction and other fees	185		96		28		—		309		—		309
Total management and financial advice fees	2,653		1,386		28		—		4,067		—		4,067
Distribution fees:
Mutual funds	354		103		—		—		457		—		457
Insurance and annuity	433		77		162		—		672		—		672
Off-balance sheet brokerage cash	210		—		—		—		210		—		210
Other products	165		—		—		—		165		—		165
Total distribution fees	1,162		180		162		—		1,504		—		1,504
Other revenues	117		12		—		—		129		—		129
Total revenue from contracts with customers	3,932		1,578		190		—		5,700		—		5,700
Revenue from other sources (1)	910		29		1,492		281		2,712		100		2,812
Total segment gross revenues	4,842		1,607		1,682		281		8,412		100		8,512
Banking and deposit interest expense	(234)		—		—		(7)		(241)		—		(241)
Total segment net revenues	4,608		1,607		1,682		274		8,171		100		8,271
Elimination of intersegment revenues	(412)		(36)		(206)		7		(647)		(6)		(653)
Total net revenues	$	4,196	$	1,571	$	1,476	$	281	$	7,524	$	94	$	7,618

(1) Revenues not included in the scope of the revenue from contracts with customers standard. The amounts primarily consist of revenue associated with insurance and annuity products and investment income from financial instruments.