v3.26.1
Revenue (Tables)
 6 Months Ended
Jun. 30, 2026
Revenue from Contract with Customer [Abstract]  
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,
2026202520262025
Commission revenue
Annuities$727,746 $629,763 $1,418,323 $1,245,357 
Mutual funds262,044 223,317 528,100 457,213 
Fixed income82,014 53,014 167,337 114,566 
Equities58,751 47,811 116,291 96,885 
Other101,518 84,182 194,056 171,823 
Total commission revenue
$1,232,073 $1,038,087 $2,424,107 $2,085,844 
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,
2026202520262025
Commission revenue
Sales-based
Annuities
$444,791 $393,654 $869,012 $759,421 
Fixed income
82,014 53,014 167,337 114,566 
Equities
58,751 47,811 116,291 96,885 
Mutual funds
53,993 52,301 112,004 107,908 
Other
88,606 73,012 168,926 151,050 
Total sales-based revenue
$728,155 $619,792 $1,433,570 $1,229,830 
Trailing
Annuities$282,955 $236,109 $549,311 $485,936 
Mutual funds208,051 171,016 416,096 349,305 
Other12,912 11,170 25,130 20,773 
Total trailing revenue$503,918 $418,295 $990,537 $856,014 
Total commission revenue
$1,232,073 $1,038,087 $2,424,107 $2,085,844 
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,
2026202520262025
Asset-based revenue
Client cash
$443,501 $397,332 $888,826 $789,363 
Sponsorship programs
235,519 171,715 459,168 342,253 
Recordkeeping
156,124 133,300 307,955 265,972 
Total asset-based revenue$835,144 $702,347 $1,655,949 $1,397,588 
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,
2026202520262025
Service and fee revenue
Over time(1)
$156,923 $113,003 $315,694 $222,761 
Point-in-time(2)
51,956 38,836 104,169 74,277 
Total service and fee revenue$208,879 $151,839 $419,863 $297,038 
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(1)Service and fee revenue recognized over time includes revenue such as brokerage account maintenance fees, error and omission insurance fees, and technology fees.
(2)Service and fee revenue recognized at a point-in-time includes revenue such as registration fees, account fees, and IRA termination fees.