Revenue (Tables)
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6 Months Ended |
Jun. 30, 2025 |
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| Disaggregation of Revenue [Line Items] |
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| Disaggregation of Revenue - Reporting Category [Table Text Block] |
The following table presents total commission revenue disaggregated by product category (in thousands): | | | | | | | | | | | | | | | | Three Months Ended June 30, | Six Months Ended June 30, | | 2025 | 2024 | 2025 | 2024 | | Commission revenue | | | | | | Annuities | $ | 629,763 | | $ | 469,100 | | $ | 1,245,357 | | $ | 905,573 | | | Mutual funds | 223,317 | | 187,432 | | 457,213 | | 373,972 | | | Fixed income | 53,014 | | 53,192 | | 114,566 | | 101,833 | | | Equities | 47,811 | | 34,434 | | 96,885 | | 69,885 | | | Other | 84,182 | | 42,888 | | 171,823 | | 82,229 | | Total commission revenue | $ | 1,038,087 | | $ | 787,046 | | $ | 2,085,844 | | $ | 1,533,492 | |
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| Disaggregation of Revenue - Reporting Category & Timing of Transfer of Good or Service [Table Text Block] |
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, | | 2025 | 2024 | 2025 | 2024 | | 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 funds | 171,016 | | 144,451 | | 349,305 | | 287,495 | | | Other | 11,170 | | 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 | |
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| Disaggregation of Revenue - Product and Service [Table Text Block] |
The following table sets forth asset-based revenue disaggregated by product category (in thousands): | | | | | | | | | | | | | | | | Three Months Ended June 30, | Six Months Ended June 30, | | 2025 | 2024 | 2025 | 2024 | | 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 | |
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| Disaggregation of Revenue - Timing of Transfer of Good or Service [Table Text Block] |
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, | | 2025 | 2024 | 2025 | 2024 | | 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 | |
_______________________________ (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.
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