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.
|