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v3.24.3

Revenue from Contracts with Customers (Tables) | 9 Months Ended
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Sep. 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 September 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 | $ | — |  |  | $ | 540 |  |  | $ | — |  |  | $ | — |  |  | $ | 540 |  |  | $ | — |  |  | $ | 540 |
Institutional | — |  |  | 143 |  |  | — |  |  | — |  |  | 143 |  |  | — |  |  | 143 |
Model delivery(2) | — |  |  | 21 |  |  | — |  |  | — |  |  | 21 |  |  | — |  |  | 21 |
Advisory fees | 1,451 |  |  | — |  |  | — |  |  | — |  |  | 1,451 |  |  | — |  |  | 1,451 |
Financial planning fees | 111 |  |  | — |  |  | — |  |  | — |  |  | 111 |  |  | — |  |  | 111 |
Transaction and other fees | 97 |  |  | 52 |  |  | 14 |  |  | — |  |  | 163 |  |  | — |  |  | 163 |
Total management and financial advice fees | 1,659 |  |  | 756 |  |  | 14 |  |  | — |  |  | 2,429 |  |  | — |  |  | 2,429 |
Distribution fees: |  |  |  |  |  |  |  |  |  |  |  |  |
Mutual funds | 209 |  |  | 57 |  |  | — |  |  | — |  |  | 266 |  |  | — |  |  | 266 |
Insurance and annuity | 266 |  |  | 41 |  |  | 87 |  |  | — |  |  | 394 |  |  | — |  |  | 394 |
Off-balance sheet brokerage cash | 32 |  |  | — |  |  | — |  |  | — |  |  | 32 |  |  | — |  |  | 32 |
Other products | 107 |  |  | — |  |  | — |  |  | — |  |  | 107 |  |  | — |  |  | 107 |
Total distribution fees | 614 |  |  | 98 |  |  | 87 |  |  | — |  |  | 799 |  |  | — |  |  | 799 |
Other revenues | 66 |  |  | 5 |  |  | — |  |  | (1) |  |  | 70 |  |  | — |  |  | 70 |
Total revenue from contracts with customers | 2,339 |  |  | 859 |  |  | 101 |  |  | (1) |  |  | 3,298 |  |  | — |  |  | 3,298 |
Revenue from other sources (1) | 566 |  |  | 23 |  |  | 872 |  |  | 123 |  |  | 1,584 |  |  | 56 |  |  | 1,640 |
Total segment gross revenues | 2,905 |  |  | 882 |  |  | 973 |  |  | 122 |  |  | 4,882 |  |  | 56 |  |  | 4,938 |
Banking and deposit interest expense | (163) |  |  | — |  |  | — |  |  | (7) |  |  | (170) |  |  | — |  |  | (170) |
Total segment net revenues | 2,742 |  |  | 882 |  |  | 973 |  |  | 115 |  |  | 4,712 |  |  | 56 |  |  | 4,768 |
Elimination of intersegment revenues | (237) |  |  | (24) |  |  | (113) |  |  | 7 |  |  | (367) |  |  | (4) |  |  | (371) |
Total net revenues | $ | 2,505 |  |  | $ | 858 |  |  | $ | 860 |  |  | $ | 122 |  |  | $ | 4,345 |  |  | $ | 52 |  |  | $ | 4,397 |
| Three Months Ended September 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 | $ | — |  |  | $ | 499 |  |  | $ | — |  |  | $ | — |  |  | $ | 499 |  |  | $ | — |  |  | $ | 499 |
Institutional | — |  |  | 148 |  |  | — |  |  | — |  |  | 148 |  |  | — |  |  | 148 |
Model delivery(2) | — |  |  | 17 |  |  | — |  |  | — |  |  | 17 |  |  | — |  |  | 17 |
Advisory fees | 1,228 |  |  | — |  |  | — |  |  | — |  |  | 1,228 |  |  | — |  |  | 1,228 |
Financial planning fees | 102 |  |  | — |  |  | — |  |  | — |  |  | 102 |  |  | — |  |  | 102 |
Transaction and other fees | 94 |  |  | 50 |  |  | 14 |  |  | — |  |  | 158 |  |  | — |  |  | 158 |
Total management and financial advice fees | 1,424 |  |  | 714 |  |  | 14 |  |  | — |  |  | 2,152 |  |  | — |  |  | 2,152 |
Distribution fees: |  |  |  |  |  |  |  |  |  |  |  |  |
Mutual funds | 184 |  |  | 53 |  |  | — |  |  | — |  |  | 237 |  |  | — |  |  | 237 |
Insurance and annuity | 226 |  |  | 39 |  |  | 82 |  |  | — |  |  | 347 |  |  | — |  |  | 347 |
Off-balance sheet brokerage cash | 58 |  |  | — |  |  | — |  |  | — |  |  | 58 |  |  | — |  |  | 58 |
Other products | 84 |  |  | — |  |  | — |  |  | — |  |  | 84 |  |  | — |  |  | 84 |
Total distribution fees | 552 |  |  | 92 |  |  | 82 |  |  | — |  |  | 726 |  |  | — |  |  | 726 |
Other revenues | 57 |  |  | 2 |  |  | — |  |  | — |  |  | 59 |  |  | — |  |  | 59 |
Total revenue from contracts with customers | 2,033 |  |  | 808 |  |  | 96 |  |  | — |  |  | 2,937 |  |  | — |  |  | 2,937 |
Revenue from other sources (1) | 525 |  |  | 18 |  |  | 780 |  |  | 149 |  |  | 1,472 |  |  | 13 |  |  | 1,485 |
Total segment gross revenues | 2,558 |  |  | 826 |  |  | 876 |  |  | 149 |  |  | 4,409 |  |  | 13 |  |  | 4,422 |
Banking and deposit interest expense | (151) |  |  | — |  |  | — |  |  | (6) |  |  | (157) |  |  | — |  |  | (157) |
Total segment net revenues | 2,407 |  |  | 826 |  |  | 876 |  |  | 143 |  |  | 4,252 |  |  | 13 |  |  | 4,265 |
Elimination of intersegment revenues | (217) |  |  | (21) |  |  | (104) |  |  | 5 |  |  | (337) |  |  | (3) |  |  | (340) |
Total net revenues | $ | 2,190 |  |  | $ | 805 |  |  | $ | 772 |  |  | $ | 148 |  |  | $ | 3,915 |  |  | $ | 10 |  |  | $ | 3,925 |
| Nine Months Ended September 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 | $ | — |  |  | $ | 1,592 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,592 |  |  | $ | — |  |  | $ | 1,592 |
Institutional | — |  |  | 424 |  |  | — |  |  | — |  |  | 424 |  |  | — |  |  | 424 |
Model delivery(2) | — |  |  | 60 |  |  | — |  |  | — |  |  | 60 |  |  | — |  |  | 60 |
Advisory fees | 4,115 |  |  | — |  |  | — |  |  | — |  |  | 4,115 |  |  | — |  |  | 4,115 |
Financial planning fees | 333 |  |  | — |  |  | — |  |  | — |  |  | 333 |  |  | — |  |  | 333 |
Transaction and other fees | 291 |  |  | 154 |  |  | 44 |  |  | — |  |  | 489 |  |  | — |  |  | 489 |
Total management and financial advice fees | 4,739 |  |  | 2,230 |  |  | 44 |  |  | — |  |  | 7,013 |  |  | — |  |  | 7,013 |
Distribution fees: |  |  |  |  |  |  |  |  |  |  |  |  |
Mutual funds | 604 |  |  | 169 |  |  | — |  |  | — |  |  | 773 |  |  | — |  |  | 773 |
Insurance and annuity | 773 |  |  | 120 |  |  | 255 |  |  | — |  |  | 1,148 |  |  | — |  |  | 1,148 |
Off-balance sheet brokerage cash | 122 |  |  | — |  |  | — |  |  | — |  |  | 122 |  |  | — |  |  | 122 |
Other products | 321 |  |  | — |  |  | — |  |  | — |  |  | 321 |  |  | — |  |  | 321 |
Total distribution fees | 1,820 |  |  | 289 |  |  | 255 |  |  | — |  |  | 2,364 |  |  | — |  |  | 2,364 |
Other revenues | 192 |  |  | 10 |  |  | — |  |  | — |  |  | 202 |  |  | — |  |  | 202 |
Total revenue from contracts with customers | 6,751 |  |  | 2,529 |  |  | 299 |  |  | — |  |  | 9,579 |  |  | — |  |  | 9,579 |
Revenue from other sources (1) | 1,709 |  |  | 56 |  |  | 2,514 |  |  | 369 |  |  | 4,648 |  |  | 156 |  |  | 4,804 |
Total segment gross revenues | 8,460 |  |  | 2,585 |  |  | 2,813 |  |  | 369 |  |  | 14,227 |  |  | 156 |  |  | 14,383 |
Banking and deposit interest expense | (514) |  |  | — |  |  | — |  |  | (22) |  |  | (536) |  |  | — |  |  | (536) |
Total segment net revenues | 7,946 |  |  | 2,585 |  |  | 2,813 |  |  | 347 |  |  | 13,691 |  |  | 156 |  |  | 13,847 |
Elimination of intersegment revenues | (698) |  |  | (71) |  |  | (327) |  |  | 21 |  |  | (1,075) |  |  | (9) |  |  | (1,084) |
Total net revenues | $ | 7,248 |  |  | $ | 2,514 |  |  | $ | 2,486 |  |  | $ | 368 |  |  | $ | 12,616 |  |  | $ | 147 |  |  | $ | 12,763 |
| Nine Months Ended September 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 | $ | — |  |  | $ | 1,480 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,480 |  |  | $ | — |  |  | $ | 1,480 |
Institutional | — |  |  | 425 |  |  | — |  |  | — |  |  | 425 |  |  | — |  |  | 425 |
Model delivery(2) | — |  |  | 49 |  |  | — |  |  | — |  |  | 49 |  |  | — |  |  | 49 |
Advisory fees | 3,491 |  |  | — |  |  | — |  |  | — |  |  | 3,491 |  |  | — |  |  | 3,491 |
Financial planning fees | 307 |  |  | — |  |  | — |  |  | — |  |  | 307 |  |  | — |  |  | 307 |
Transaction and other fees | 279 |  |  | 146 |  |  | 42 |  |  | — |  |  | 467 |  |  | — |  |  | 467 |
Total management and financial advice fees | 4,077 |  |  | 2,100 |  |  | 42 |  |  | — |  |  | 6,219 |  |  | — |  |  | 6,219 |
Distribution fees: |  |  |  |  |  |  |  |  |  |  |  |  |
Mutual funds | 538 |  |  | 156 |  |  | — |  |  | — |  |  | 694 |  |  | — |  |  | 694 |
Insurance and annuity | 659 |  |  | 116 |  |  | 244 |  |  | — |  |  | 1,019 |  |  | — |  |  | 1,019 |
Off-balance sheet brokerage cash | 268 |  |  | — |  |  | — |  |  | — |  |  | 268 |  |  | — |  |  | 268 |
Other products | 249 |  |  | — |  |  | — |  |  | — |  |  | 249 |  |  | — |  |  | 249 |
Total distribution fees | 1,714 |  |  | 272 |  |  | 244 |  |  | — |  |  | 2,230 |  |  | — |  |  | 2,230 |
Other revenues | 174 |  |  | 14 |  |  | — |  |  | — |  |  | 188 |  |  | — |  |  | 188 |
Total revenue from contracts with customers | 5,965 |  |  | 2,386 |  |  | 286 |  |  | — |  |  | 8,637 |  |  | — |  |  | 8,637 |
Revenue from other sources (1) | 1,435 |  |  | 47 |  |  | 2,272 |  |  | 430 |  |  | 4,184 |  |  | 113 |  |  | 4,297 |
Total segment gross revenues | 7,400 |  |  | 2,433 |  |  | 2,558 |  |  | 430 |  |  | 12,821 |  |  | 113 |  |  | 12,934 |
Banking and deposit interest expense | (385) |  |  | — |  |  | — |  |  | (13) |  |  | (398) |  |  | — |  |  | (398) |
Total segment net revenues | 7,015 |  |  | 2,433 |  |  | 2,558 |  |  | 417 |  |  | 12,423 |  |  | 113 |  |  | 12,536 |
Elimination of intersegment revenues | (629) |  |  | (57) |  |  | (310) |  |  | 12 |  |  | (984) |  |  | (9) |  |  | (993) |
Total net revenues | $ | 6,386 |  |  | $ | 2,376 |  |  | $ | 2,248 |  |  | $ | 429 |  |  | $ | 11,439 |  |  | $ | 104 |  |  | $ | 11,543 |
(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. (2) Current year disclosure has been expanded to separately state model delivery revenue. Prior periods have been updated to conform to current year presentation.

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