Revenue from Contracts with Customers (Tables)

12 Months Ended

Dec. 31, 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:

	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	—		678		—		—		678		—		678
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		2,727		484		4,012		17		4,029
Total segment gross revenues	8,537		3,506		3,134		484		15,661		17		15,678
Banking and deposit interest expense	(76)		—		—		(5)		(81)		—		(81)
Total segment net revenues	8,461		3,506		3,134		479		15,580		17		15,597
Elimination of intersegment revenues	(847)		(52)		(420)		3		(1,316)		(10)		(1,326)
Total net revenues	$	7,614	$	3,454	$	2,714	$	482	$	14,264	$	7	$	14,271

	Year Ended December 31, 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	$	—	$	2,309	$	—	$	—	$	2,309	$	—	$	2,309
Institutional	—		645		—		—		645		—		645
Advisory fees	4,539		—		—		—		4,539		—		4,539
Financial planning fees	386		—		—		—		386		—		386
Transaction and other fees	372		223		70		—		665		—		665
Total management and financial advice fees	5,297		3,177		70		—		8,544		—		8,544
Distribution fees:
Mutual funds	858		276		—		—		1,134		—		1,134
Insurance and annuity	994		195		409		—		1,598		—		1,598
Off-balance sheet brokerage cash (2)	60		—		—		—		60		—		60
Other products	341		—		—		—		341		—		341
Total distribution fees	2,253		471		409		—		3,133		—		3,133
Other revenues	196		4		—		—		200		—		200
Total revenue from contracts with customers	7,746		3,652		479		—		11,877		—		11,877
Revenue from other sources (1)	287		30		2,765		489		3,571		(414)		3,157
Total segment gross revenues	8,033		3,682		3,244		489		15,448		(414)		15,034
Banking and deposit interest expense	(12)		—		—		(2)		(14)		—		(14)
Total segment net revenues	8,021		3,682		3,244		487		15,434		(414)		15,020
Elimination of intersegment revenues	(1,043)		(50)		(478)		(2)		(1,573)		(16)		(1,589)
Total net revenues	$	6,978	$	3,632	$	2,766	$	485	$	13,861	$	(430)	$	13,431

	Year Ended December 31, 2020
	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	$	—	$	1,822	$	—	$	—	$	1,822	$	—	$	1,822
Institutional	—		442		—		—		442		—		442
Advisory fees	3,511		—		—		—		3,511		—		3,511
Financial planning fees	348		—		—		—		348		—		348
Transaction and other fees	352		190		62		—		604		—		604
Total management and financial advice fees	4,211		2,454		62		—		6,727		—		6,727
Distribution fees:
Mutual funds	737		237		—		—		974		—		974
Insurance and annuity	835		174		363		—		1,372		—		1,372
Off-balance sheet brokerage cash (2)	117		—		—		—		117		—		117
Other products	313		—		—		—		313		—		313
Total distribution fees	2,002		411		363		—		2,776		—		2,776
Other revenues	182		2		6		3		193		—		193
Total revenue from contracts with customers	6,395		2,867		431		3		9,696		—		9,696
Revenue from other sources (1)	339		24		2,663		546		3,572		77		3,649
Total segment gross revenues	6,734		2,891		3,094		549		13,268		77		13,345
Banking and deposit interest expense	(59)		—		—		(3)		(62)		—		(62)
Total segment net revenues	6,675		2,891		3,094		546		13,206		77		13,283
Elimination of intersegment revenues	(893)		(53)		(433)		2		(1,377)		(7)		(1,384)
Total net revenues	$	5,782	$	2,838	$	2,661	$	548	$	11,829	$	70	$	11,899

(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.

(2) Prior to the fourth quarter of 2022, Off-balance sheet brokerage cash was included in Other products. Prior periods presented have been updated to be comparative.