Segment Information

12 Months Ended

Dec. 31, 2024

Segment Reporting [Abstract]

Segment Information

NOTE 15 – SEGMENT INFORMATION

The Partnership has determined it has two operating and reportable segments based upon geographic location, the U.S. and Canada. The accounting policies of the segments, including how revenues are derived, are the same as those described in Note 1 – Summary of Significant Accounting Policies. Canada segment information, as reported in the following table, is based upon the consolidated financial statements of the Partnership's Canada operations, which primarily occur through a non-guaranteed subsidiary of the Partnership. For computation of Canada segment information, the Partnership does not eliminate intercompany items, such as management fees paid to affiliated entities. The U.S. segment information is derived from the Consolidated Financial Statements less the Canada segment information as presented. The CODM is the Managing Partner of JFC.

The Managing Partner evaluates segment performance based upon income before allocations. Income before allocations margin represents income before allocations as a percentage of total revenue. Variable compensation is determined at the Partnership level for profit sharing and home office associate and client support team professionals' bonus amounts, and therefore is allocated to each geographic segment. Financial advisor bonuses are determined by the overall Partnership’s profitability, as well as the performance of the individual financial advisors. Net interest and dividends revenue, depreciation and amortization and total assets for each segment, which are not used by the CODM to evaluate segment performance or allocate resources, are provided for informational purposes.

The following table shows financial information for the Partnership’s reportable segments for the years ended December 31:

	U.S.									Canada									Total
	2024			2023			2022			2024			2023			2022			2024			2023			2022
Net revenue	$	15,561		$	13,409		$	11,902		$	443		$	389		$	367		$	16,004		$	13,798		$	12,269
FA compensation		6,035			5,069			4,665			173			149			148			6,208			5,218			4,813
Home office operating    expense		3,019			2,927			2,312			98			94			76			3,117			3,021			2,388
Branch office operating    expense		2,195			2,046			1,868			67			63			61			2,262			2,109			1,929
Variable compensation		2,386			1,798			1,694			50			40			41			2,436			1,838			1,735
Operating expenses		13,635			11,840			10,539			388			346			326			14,023			12,186			10,865
Income before allocations	$	1,926		$	1,569		$	1,363		$	55		$	43		$	41		$	1,981		$	1,612		$	1,404
Income before allocations    margin		12.2	%		11.5	%		11.3	%		12.3	%		11.0	%		11.0	%		12.2	%		11.4	%		11.3	%
Net interest and dividends     revenue	$	906		$	841		$	354		$	45		$	44		$	18		$	951		$	885		$	372
Depreciation and     amortization	$	608		$	552		$	483		$	16		$	15		$	16		$	624		$	567		$	499
Total assets	$	27,837		$	26,926		$	28,761		$	1,127		$	1,077		$	1,131		$	28,964		$	28,003		$	29,892