Goodwill and Acquired Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Intangible Assets Acquired

The following table summarizes the major classes of tangible and intangible assets and their respective estimated fair values and weighted-average useful lives:

	Estimated Fair Value		Weighted-Average Estimated Useful Life (Years)
Equipment, office facilities, and property
Real property (1)	$	226	37
Personal property (2)	162		2
Construction in progress	49		N/A
Land	33		N/A
Total equipment, office facilities, and property	$	470
Acquired intangible assets
Client relationships	$	8,700	20
Existing technology	165		2
Trade names	15		2
Total acquired intangible assets	$	8,880

(1) Consists primarily of buildings.

(2) Consists primarily of equipment and leasehold improvements.

N/A Not applicable.

The following table summarizes the major classes of intangible assets acquired and their respective estimated fair values and weighted-average useful lives.

	Estimated Fair Value		Weighted-Average Estimated Useful Life (years)
Client relationships	$	962	18
Brokerage referral agreement (1)	142		20
Royalty-free license	5		7
Total acquired intangible assets	$	1,109

(1) The brokerage referral agreement has an initial term of 5 years and is automatically renewable for one-year increments thereafter.

Acquired intangible assets and goodwill are detailed below:

	December 31, 2020						December 31, 2019
	Gross Carrying Value		Accumulated Amortization		Net Carrying Value		Gross Carrying Value		Accumulated Amortization		Net Carrying Value
Client relationships	$	10,089	$	386	$	9,703	$	274	$	228	$	46
Technology	305		112		193		89		84		5
Trade names	113		18		95		91		14		77
Total acquired intangible assets	$	10,507	$	516	$	9,991	$	454	$	326	$	128

Schedule of Finite-Lived Intangible Assets, Future Amortization Expense

Estimated future annual amortization expense for acquired intangible assets as of December 31, 2020 is as follows:

2021	$	615
2022	596
2023	534
2024	518
2025	512
Thereafter	7,139
Total	$	9,914

Note: The above schedule excludes indefinite-lived intangible assets of $77 million.

Changes in Carrying Amount of Goodwill as Allocated to Reportable Segments

The changes in the carrying amount of goodwill, as allocated to our reportable segments, are presented in the following table:

	Investor Services		Advisor Services		Total
Balance at December 31, 2018	$	1,096	$	131	$	1,227
Goodwill acquired and other changes during the period	—		—		—
Balance at December 31, 2019	1,096		131		1,227
Goodwill acquired in TD Ameritrade acquisition	6,380		3,835		10,215
Goodwill acquired in other acquisitions	494		16		510
Balance at December 31, 2020	$	7,970	$	3,982	$	11,952