Revenue from Contracts with Customers (Tables)

3 Months Ended

Mar. 31, 2023

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 March 31, 2023
	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	$	—	$	491	$	—	$	—	$	491	$	—	$	491
Institutional	—		152		—		—		152		—		152
Advisory fees	1,109		—		—		—		1,109		—		1,109
Financial planning fees	101		—		—		—		101		—		101
Transaction and other fees	89		48		14		—		151		—		151
Total management and financial advice fees	1,299		691		14		—		2,004		—		2,004
Distribution fees:
Mutual funds	175		52		—		—		227		—		227
Insurance and annuity	211		38		80		—		329		—		329
Off-balance sheet brokerage cash	126		—		—		—		126		—		126
Other products	81		—		—		—		81		—		81
Total distribution fees	593		90		80		—		763		—		763
Other revenues	58		5		—		—		63		—		63
Total revenue from contracts with customers	1,950		786		94		—		2,830		—		2,830
Revenue from other sources (1)	418		13		730		130		1,291		47		1,338
Total segment gross revenues	2,368		799		824		130		4,121		47		4,168
Banking and deposit interest expense	(103)		—		—		(4)		(107)		—		(107)
Total segment net revenues	2,265		799		824		126		4,014		47		4,061
Elimination of intersegment revenues	(201)		(17)		(102)		4		(316)		(3)		(319)
Total net revenues	$	2,064	$	782	$	722	$	130	$	3,698	$	44	$	3,742

	Three Months Ended March 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	$	—	$	644	$	—	$	—	$	644	$	—	$	644
Institutional	—		195		—		—		195		—		195
Advisory fees	1,191		—		—		—		1,191		—		1,191
Financial planning fees	97		—		—		—		97		—		97
Transaction and other fees	92		55		16		—		163		—		163
Total management and financial advice fees	1,380		894		16		—		2,290		—		2,290
Distribution fees:
Mutual funds	204		65		—		—		269		—		269
Insurance and annuity	221		46		95		—		362		—		362
Off-balance sheet brokerage cash (2)	16		—		—		—		16		—		16
Other products	88		—		—		—		88		—		88
Total distribution fees	529		111		95		—		735		—		735
Other revenues	53		5		—		—		58		—		58
Total revenue from contracts with customers	1,962		1,010		111		—		3,083		—		3,083
Revenue from other sources (1)	82		7		657		116		862		37		899
Total segment gross revenues	2,044		1,017		768		116		3,945		37		3,982
Banking and deposit interest expense	(2)		—		—		—		(2)		—		(2)
Total segment net revenues	2,042		1,017		768		116		3,943		37		3,980
Elimination of intersegment revenues	(228)		(12)		(112)		—		(352)		(3)		(355)
Total net revenues	$	1,814	$	1,005	$	656	$	116	$	3,591	$	34	$	3,625

(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 have been updated to be comparative.