Revenue from Contracts with Customers (Tables)

6 Months Ended

Jun. 30, 2022

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, 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	$	—	$	543	$	—	$	—	$	543	$	—	$	543
Institutional	—		173		—		—		173		—		173
Advisory fees	1,144		—		—		—		1,144		—		1,144
Financial planning fees	99		—		—		—		99		—		99
Transaction and other fees	97		54		15		—		166		—		166
Total management and financial advice fees	1,340		770		15		—		2,125		—		2,125
Distribution fees:
Mutual funds	186		58		—		—		244		—		244
Insurance and annuity	216		42		88		—		346		—		346
Other products	140		—		—		—		140		—		140
Total distribution fees	542		100		88		—		730		—		730
Other revenues	54		1		—		—		55		—		55
Total revenue from contracts with customers	1,936		871		103		—		2,910		—		2,910
Revenue from other sources (1)	123		10		657		119		909		31		940
Total segment gross revenues	2,059		881		760		119		3,819		31		3,850
Banking and deposit interest expense	(3)		—		—		—		(3)		—		(3)
Total segment net revenues	2,056		881		760		119		3,816		31		3,847
Elimination of intersegment revenues	(221)		(11)		(105)		—		(337)		(2)		(339)
Total net revenues	$	1,835	$	870	$	655	$	119	$	3,479	$	29	$	3,508

	Three Months Ended June 30, 2021
	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	$	—	$	567	$	—	$	—	$	567	$	—	$	567
Institutional	—		131		—		—		131		—		131
Advisory fees	1,113		—		—		—		1,113		—		1,113
Financial planning fees	93		—		—		—		93		—		93
Transaction and other fees	93		56		18		—		167		—		167
Total management and financial advice fees	1,299		754		18		—		2,071		—		2,071
Distribution fees:
Mutual funds	212		69		—		—		281		—		281
Insurance and annuity	252		49		101		—		402		—		402
Other products	98		—		—		—		98		—		98
Total distribution fees	562		118		101		—		781		—		781
Other revenues	51		7		—		1		59		—		59
Total revenue from contracts with customers	1,912		879		119		1		2,911		—		2,911
Revenue from other sources (1)	70		—		689		119		878		34		912
Total segment gross revenues	1,982		879		808		120		3,789		34		3,823
Banking and deposit interest expense	(2)		—		—		(1)		(3)		—		(3)
Total segment net revenues	1,980		879		808		119		3,786		34		3,820
Elimination of intersegment revenues	(266)		(14)		(118)		(1)		(399)		(3)		(402)
Total net revenues	$	1,714	$	865	$	690	$	118	$	3,387	$	31	$	3,418

	Six Months Ended June 30, 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	$	—	$	1,187	$	—	$	—	$	1,187	$	—	$	1,187
Institutional	—		368		—		—		368		—		368
Advisory fees	2,335		—		—		—		2,335		—		2,335
Financial planning fees	196		—		—		—		196		—		196
Transaction and other fees	189		109		31		—		329		—		329
Total management and financial advice fees	2,720		1,664		31		—		4,415		—		4,415
Distribution fees:
Mutual funds	390		123		—		—		513		—		513
Insurance and annuity	437		88		183		—		708		—		708
Other products	244		—		—		—		244		—		244
Total distribution fees	1,071		211		183		—		1,465		—		1,465
Other revenues	107		6		—		—		113		—		113
Total revenue from contracts with customers	3,898		1,881		214		—		5,993		—		5,993
Revenue from other sources (1)	205		17		1,318		235		1,775		94		1,869
Total segment gross revenues	4,103		1,898		1,532		235		7,768		94		7,862
Banking and deposit interest expense	(5)		—		—		—		(5)		—		(5)
Total segment net revenues	4,098		1,898		1,532		235		7,763		94		7,857
Elimination of intersegment revenues	(449)		(23)		(217)		—		(689)		(5)		(694)
Total net revenues	$	3,649	$	1,875	$	1,315	$	235	$	7,074	$	89	$	7,163

	Six Months Ended June 30, 2021
	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	$	—	$	1,098	$	—	$	—	$	1,098	$	—	$	1,098
Institutional	—		254		—		—		254		—		254
Advisory fees	2,141		—		—		—		2,141		—		2,141
Financial planning fees	181		—		—		—		181		—		181
Transaction and other fees	182		108		34		—		324		—		324
Total management and financial advice fees	2,504		1,460		34		—		3,998		—		3,998
Distribution fees:
Mutual funds	419		136		—		—		555		—		555
Insurance and annuity	492		96		200		—		788		—		788
Other products	210		—		—		—		210		—		210
Total distribution fees	1,121		232		200		—		1,553		—		1,553
Other revenues	100		8		—		1		109		—		109
Total revenue from contracts with customers	3,725		1,700		234		1		5,660		—		5,660
Revenue from other sources (1)	141		7		1,361		258		1,767		133		1,900
Total segment gross revenues	3,866		1,707		1,595		259		7,427		133		7,560
Banking and deposit interest expense	(7)		—		—		(1)		(8)		—		(8)
Total segment net revenues	3,859		1,707		1,595		258		7,419		133		7,552
Elimination of intersegment revenues	(516)		(27)		(234)		(1)		(778)		(6)		(784)
Total net revenues	$	3,343	$	1,680	$	1,361	$	257	$	6,641	$	127	$	6,768

(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 or financial instruments.