Revenue from Contracts with Customers (Tables)

3 Months Ended

Mar. 31, 2025

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 March 31, 2025
	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	$	—	$	530	$	—	$	—	$	530	$	—	$	530
Institutional	—		134		—		—		134		—		134
Model delivery(2)	—		22		—		—		22		—		22
Advisory fees	1,515		—		—		—		1,515		—		1,515
Financial planning fees	110		—		—		—		110		—		110
Transaction and other fees	94		50		15		—		159		—		159
Total management and financial advice fees	1,719		736		15		—		2,470		—		2,470
Distribution fees:
Mutual funds	214		55		—		—		269		—		269
Insurance and annuity	243		39		82		—		364		—		364
Off-balance sheet brokerage cash	36		—		—		—		36		—		36
Other products	120		—		—		—		120		—		120
Total distribution fees	613		94		82		—		789		—		789
Other revenues	69		5		—		—		74		—		74
Total revenue from contracts with customers	2,401		835		97		—		3,333		—		3,333
Revenue from other sources (1)	508		11		829		112		1,460		49		1,509
Total segment gross revenues	2,909		846		926		112		4,793		49		4,842
Banking and deposit interest expense	(127)		—		—		(8)		(135)		—		(135)
Total segment net revenues	2,782		846		926		104		4,658		49		4,707
Elimination of intersegment revenues	(222)		(26)		(109)		8		(349)		(4)		(353)
Total net revenues	$	2,560	$	820	$	817	$	112	$	4,309	$	45	$	4,354



	Three Months Ended March 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	$	—	$	530	$	—	$	—	$	530	$	—	$	530
Institutional	—		141		—		—		141		—		141
Model delivery(2)	—		18		—		—		18		—		18
Advisory fees	1,303		—		—		—		1,303		—		1,303
Financial planning fees	112		—		—		—		112		—		112
Transaction and other fees	94		50		14		—		158		—		158
Total management and financial advice fees	1,509		739		14		—		2,262		—		2,262
Distribution fees:
Mutual funds	196		56		—		—		252		—		252
Insurance and annuity	247		39		84		—		370		—		370
Off-balance sheet brokerage cash	50		—		—		—		50		—		50
Other products	105		—		—		—		105		—		105
Total distribution fees	598		95		84		—		777		—		777
Other revenues	60		5		—		—		65		—		65
Total revenue from contracts with customers	2,167		839		98		—		3,104		—		3,104
Revenue from other sources (1)	572		16		814		129		1,531		49		1,580
Total segment gross revenues	2,739		855		912		129		4,635		49		4,684
Banking and deposit interest expense	(179)		—		—		(8)		(187)		—		(187)
Total segment net revenues	2,560		855		912		121		4,448		49		4,497
Elimination of intersegment revenues	(225)		(24)		(106)		7		(348)		(3)		(351)
Total net revenues	$	2,335	$	831	$	806	$	128	$	4,100	$	46	$	4,146

(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.