Revenue from Contracts with Customers (Tables)

3 Months Ended

Mar. 31, 2024

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, 2024
	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	$	—	$	530	$	—	$	—	$	530	$	—	$	530
Institutional	—		159		—		—		159		—		159
Advisory fees	1,303		—		—		—		1,303		—		1,303
Financial planning fees	112		—		—		—		112		—		112
Transaction and other fees	94		50		14		—		158		—		158
Total management and financial advice fees	1,509		739		14		—		2,262		—		2,262
Distribution fees:
Mutual funds	196		56		—		—		252		—		252
Insurance and annuity	247		39		84		—		370		—		370
Off-balance sheet brokerage cash	50		—		—		—		50		—		50
Other products	105		—		—		—		105		—		105
Total distribution fees	598		95		84		—		777		—		777
Other revenues	60		5		—		—		65		—		65
Total revenue from contracts with customers	2,167		839		98		—		3,104		—		3,104
Revenue from other sources (1)	572		16		814		129		1,531		49		1,580
Total segment gross revenues	2,739		855		912		129		4,635		49		4,684
Banking and deposit interest expense	(179)		—		—		(8)		(187)		—		(187)
Total segment net revenues	2,560		855		912		121		4,448		49		4,497
Elimination of intersegment revenues	(225)		(24)		(106)		7		(348)		(3)		(351)
Total net revenues	$	2,335	$	831	$	806	$	128	$	4,100	$	46	$	4,146

	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

(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 and investment income from financial instruments.