v3.25.2
Revenue
 6 Months Ended
Jun. 30, 2025
Revenue from Contract with Customer [Abstract]  
Revenues REVENUE
Commission
The following table presents total commission revenue disaggregated by product category (in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
Commission revenue
Annuities$629,763 $469,100 $1,245,357 $905,573 
Mutual funds223,317 187,432 457,213 373,972 
Fixed income53,014 53,192 114,566 101,833 
Equities47,811 34,434 96,885 69,885 
Other84,182 42,888 171,823 82,229 
Total commission revenue
$1,038,087 $787,046 $2,085,844 $1,533,492 
The following table presents sales-based and trailing commission revenue disaggregated by product category (in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
Commission revenue
Sales-based
Annuities
$393,654 $260,188 $759,421 $489,265 
Fixed income
53,014 53,192 114,566 101,833 
Mutual funds
52,301 42,981 107,908 86,477 
Equities
47,811 34,434 96,885 69,885 
Other
73,012 32,275 151,050 60,845 
Total sales-based revenue
$619,792 $423,070 $1,229,830 $808,305 
Trailing
Annuities$236,109 $208,912 $485,936 $416,308 
Mutual funds171,016 144,451 349,305 287,495 
Other11,170 10,613 20,773 21,384 
Total trailing revenue$418,295 $363,976 $856,014 $725,187 
Total commission revenue
$1,038,087 $787,046 $2,085,844 $1,533,492 
Asset-Based
The following table sets forth asset-based revenue disaggregated by product category (in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
Asset-based revenue
Client cash
$397,332 $341,475 $789,363 $693,857 
Sponsorship programs
171,715 141,687 342,253 275,788 
Recordkeeping
133,300 117,846 265,972 232,084 
Total asset-based revenue$702,347 $601,008 $1,397,588 $1,201,729 
Service and Fee
The following table sets forth service and fee revenue disaggregated by recognition pattern (in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
Service and fee revenue
Over time(1)
$113,003 $105,543 $222,761 $208,079 
Point-in-time(2)
38,836 29,457 74,277 59,093 
Total service and fee revenue$151,839 $135,000 $297,038 $267,172 
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(1)Service and fee revenue recognized over time includes revenue such as error and omission insurance fees, IRA custodian fees, and regulatory fees.
(2)Service and fee revenue recognized at a point-in-time includes revenue such as IRA termination fees, registration fees, and confirmation fees.
Unearned Revenue
The Company records unearned revenue when cash payments are received or due in advance of the Company’s performance obligations, including amounts which are refundable. Unearned revenue increased from $207.6 million as of December 31, 2024 to $263.3 million as of June 30, 2025. The increase in unearned revenue for the six months ended June 30, 2025 is primarily driven by cash payments received or due in advance of satisfying the Company’s performance obligations, partially offset by $207.0 million of revenue recognized during the six months ended June 30, 2025 that was included in the unearned revenue balance as of December 31, 2024.
The Company receives cash in advance for advisory services to be performed and conferences to be held in future periods. For advisory services, revenue is recognized as the Company provides the administration, brokerage and execution services over time to satisfy the performance obligations. For conference revenue, the Company recognizes revenue as the conferences are held.