Revenue from Contracts with Customers (Tables)

9 Months Ended

Sep. 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 September 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	$	—	$	509	$	—	$	—	$	509	$	—	$	509
Institutional	—		159		—		—		159		—		159
Advisory fees	1,107		—		—		—		1,107		—		1,107
Financial planning fees	97		—		—		—		97		—		97
Transaction and other fees	93		51		15		—		159		—		159
Total management and financial advice fees	1,297		719		15		—		2,031		—		2,031
Distribution fees:
Mutual funds	180		56		—		—		236		—		236
Insurance and annuity	205		40		84		—		329		—		329
Other products	194		—		—		—		194		—		194
Total distribution fees	579		96		84		—		759		—		759
Other revenues	51		1		—		—		52		—		52
Total revenue from contracts with customers	1,927		816		99		—		2,842		—		2,842
Revenue from other sources (1)	225		7		687		117		1,036		(51)		985
Total segment gross revenues	2,152		823		786		117		3,878		(51)		3,827
Banking and deposit interest expense	(15)		—		—		(2)		(17)		—		(17)
Total segment net revenues	2,137		823		786		115		3,861		(51)		3,810
Elimination of intersegment revenues	(202)		(14)		(101)		1		(316)		(3)		(319)
Total net revenues	$	1,935	$	809	$	685	$	116	$	3,545	$	(54)	$	3,491

	Three Months Ended September 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	$	—	$	587	$	—	$	—	$	587	$	—	$	587
Institutional	—		143		—		—		143		—		143
Advisory fees	1,189		—		—		—		1,189		—		1,189
Financial planning fees	91		—		—		—		91		—		91
Transaction and other fees	94		57		18		—		169		—		169
Total management and financial advice fees	1,374		787		18		—		2,179		—		2,179
Distribution fees:
Mutual funds	219		70		—		—		289		—		289
Insurance and annuity	246		50		104		—		400		—		400
Other products	96		—		—		—		96		—		96
Total distribution fees	561		120		104		—		785		—		785
Other revenues	46		1		—		1		48		—		48
Total revenue from contracts with customers	1,981		908		122		1		3,012		—		3,012
Revenue from other sources (1)	70		7		712		112		901		(605)		296
Total segment gross revenues	2,051		915		834		113		3,913		(605)		3,308
Banking and deposit interest expense	(3)		—		—		—		(3)		—		(3)
Total segment net revenues	2,048		915		834		113		3,910		(605)		3,305
Elimination of intersegment revenues	(261)		(12)		(122)		—		(395)		(7)		(402)
Total net revenues	$	1,787	$	903	$	712	$	113	$	3,515	$	(612)	$	2,903

	Nine Months Ended September 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	$	—	$	1,696	$	—	$	—	$	1,696	$	—	$	1,696
Institutional	—		527		—		—		527		—		527
Advisory fees	3,442		—		—		—		3,442		—		3,442
Financial planning fees	293		—		—		—		293		—		293
Transaction and other fees	282		160		46		—		488		—		488
Total management and financial advice fees	4,017		2,383		46		—		6,446		—		6,446
Distribution fees:
Mutual funds	570		179		—		—		749		—		749
Insurance and annuity	642		128		267		—		1,037		—		1,037
Other products	438		—		—		—		438		—		438
Total distribution fees	1,650		307		267		—		2,224		—		2,224
Other revenues	158		7		—		—		165		—		165
Total revenue from contracts with customers	5,825		2,697		313		—		8,835		—		8,835
Revenue from other sources (1)	430		24		2,005		352		2,811		43		2,854
Total segment gross revenues	6,255		2,721		2,318		352		11,646		43		11,689
Banking and deposit interest expense	(20)		—		—		(2)		(22)		—		(22)
Total segment net revenues	6,235		2,721		2,318		350		11,624		43		11,667
Elimination of intersegment revenues	(651)		(37)		(318)		1		(1,005)		(8)		(1,013)
Total net revenues	$	5,584	$	2,684	$	2,000	$	351	$	10,619	$	35	$	10,654

	Nine Months Ended September 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	$	—	$	1,685	$	—	$	—	$	1,685	$	—	$	1,685
Institutional	—		397		—		—		397		—		397
Advisory fees	3,330		—		—		—		3,330		—		3,330
Financial planning fees	272		—		—		—		272		—		272
Transaction and other fees	276		165		52		—		493		—		493
Total management and financial advice fees	3,878		2,247		52		—		6,177		—		6,177
Distribution fees:
Mutual funds	638		206		—		—		844		—		844
Insurance and annuity	738		146		304		—		1,188		—		1,188
Other products	306		—		—		—		306		—		306
Total distribution fees	1,682		352		304		—		2,338		—		2,338
Other revenues	146		9		—		2		157		—		157
Total revenue from contracts with customers	5,706		2,608		356		2		8,672		—		8,672
Revenue from other sources (1)	211		14		2,073		370		2,668		(472)		2,196
Total segment gross revenues	5,917		2,622		2,429		372		11,340		(472)		10,868
Banking and deposit interest expense	(10)		—		—		(1)		(11)		—		(11)
Total segment net revenues	5,907		2,622		2,429		371		11,329		(472)		10,857
Elimination of intersegment revenues	(777)		(39)		(356)		(1)		(1,173)		(13)		(1,186)
Total net revenues	$	5,130	$	2,583	$	2,073	$	370	$	10,156	$	(485)	$	9,671

(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.