Revenue from Contracts with Customers (Tables)

12 Months Ended

Dec. 31, 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:


	Year Ended December 31, 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	$	—	$	2,132	$	—	$	—	$	2,132	$	—	$	2,132
Institutional	—		618		—		—		618		—		618
Model delivery(2)	—		82		—		—		82		—		82
Advisory fees	5,634		—		—		—		5,634		—		5,634
Financial planning fees	470		—		—		—		470		—		470
Transaction and other fees	388		207		60		—		655		—		655
Total management and financial advice fees	6,492		3,039		60		—		9,591		—		9,591
Distribution fees:
Mutual funds	821		228		—		—		1,049		—		1,049
Insurance and annuity	1,037		160		341		—		1,538		—		1,538
Off-balance sheet brokerage cash	154		—		—		—		154		—		154
Other products	441		—		—		—		441		—		441
Total distribution fees	2,453		388		341		—		3,182		—		3,182
Other revenues	255		13		—		—		268		—		268
Total revenue from contracts with customers	9,200		3,440		401		—		13,041		—		13,041
Revenue from other sources (1)	2,242		75		3,372		484		6,173		196		6,369
Total segment gross revenues	11,442		3,515		3,773		484		19,214		196		19,410
Banking and deposit interest expense	(662)		—		—		(30)		(692)		—		(692)
Total segment net revenues	10,780		3,515		3,773		454		18,522		196		18,718
Elimination of intersegment revenues	(935)		(96)		(441)		29		(1,443)		(11)		(1,454)
Total net revenues	$	9,845	$	3,419	$	3,332	$	483	$	17,079	$	185	$	17,264


	Year Ended December 31, 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	$	—	$	1,959	$	—	$	—	$	1,959	$	—	$	1,959
Institutional	—		612		—		—		612		—		612
Model delivery(2)	—		65		—		—		65		—		65
Advisory fees	4,687		—		—		—		4,687		—		4,687
Financial planning fees	426		—		—		—		426		—		426
Transaction and other fees	372		195		56		—		623		—		623
Total management and financial advice fees	5,485		2,831		56		—		8,372		—		8,372
Distribution fees:
Mutual funds	723		209		—		—		932		—		932
Insurance and annuity	895		154		324		—		1,373		—		1,373
Off-balance sheet brokerage cash	316		—		—		—		316		—		316
Other products	339		—		—		—		339		—		339
Total distribution fees	2,273		363		324		—		2,960		—		2,960
Other revenues	227		20		—		—		247		—		247
Total revenue from contracts with customers	7,985		3,214		380		—		11,579		—		11,579
Revenue from other sources (1)	1,994		64		3,096		553		5,707		160		5,867
Total segment gross revenues	9,979		3,278		3,476		553		17,286		160		17,446
Banking and deposit interest expense	(561)		—		—		(20)		(581)		—		(581)
Total segment net revenues	9,418		3,278		3,476		533		16,705		160		16,865
Elimination of intersegment revenues	(847)		(79)		(411)		19		(1,318)		(12)		(1,330)
Total net revenues	$	8,571	$	3,199	$	3,065	$	552	$	15,387	$	148	$	15,535


	Year Ended December 31, 2022
	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	$	—	$	2,179	$	—	$	—	$	2,179	$	—	$	2,179
Institutional	—		617		—		—		617		—		617
Model delivery(2)	—		61		—		—		61		—		61
Advisory fees	4,526		—		—		—		4,526		—		4,526
Financial planning fees	410		—		—		—		410		—		410
Transaction and other fees	372		210		59		—		641		—		641
Total management and financial advice fees	5,308		3,067		59		—		8,434		—		8,434
Distribution fees:
Mutual funds	741		231		—		—		972		—		972
Insurance and annuity	845		166		348		—		1,359		—		1,359
Off-balance sheet brokerage cash	324		—		—		—		324		—		324
Other products	339		—		—		—		339		—		339
Total distribution fees	2,249		397		348		—		2,994		—		2,994
Other revenues	211		10		—		—		221		—		221
Total revenue from contracts with customers	7,768		3,474		407		—		11,649		—		11,649
Revenue from other sources (1)	769		32		2,717		484		4,002		14		4,016
Total segment gross revenues	8,537		3,506		3,124		484		15,651		14		15,665
Banking and deposit interest expense	(76)		—		—		(5)		(81)		—		(81)
Total segment net revenues	8,461		3,506		3,124		479		15,570		14		15,584
Elimination of intersegment revenues	(847)		(52)		(420)		3		(1,316)		(10)		(1,326)
Total net revenues	$	7,614	$	3,454	$	2,704	$	482	$	14,254	$	4	$	14,258

(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.