Commons Capital

Part III of our Fiduciary Reckoning series is published. This installment walks the public regulatory record of Merrill Lynch and Bank of America from 2014 to 2026.

The July 2023 enforcement record alone illustrates the structural pattern the series identifies. The Consumer Financial Protection Bureau Director called Bank of America "a repeat offender" in announcing $250 million in coordinated CFPB and OCC actions for opening credit card accounts without consumer consent since at least 2012, double-dipping non-sufficient funds fees, and withholding promised credit card reward bonuses.

The Merrill Lynch wealth management record runs in parallel. A June 2016 SEC settlement characterized at the time as the largest customer protection settlement in agency history. Merrill paid $415 million, admitted wrongdoing, and acknowledged that from 2009 to 2015 the firm held up to $58 billion per day of fully paid customer securities in accounts subject to liens by its clearing bank.

By Part III, the series has documented enforcement against three of the five firms it is covering.

Read the full piece: https://www.commonsllc.com/insights/the-fiduciary-reckoning-part-iii-the-public-record-on-merrill-lynch-and-bank-of-america

Fiduciary rhetoric is a marketing layer. The structure is what governs.

A question we've been hearing more often from family office clients lately:

"How do I know if my private credit funds are actually defensive — or just haven't been tested yet?"

It's a fair concern. Private credit AUM will exceed $2 trillion in 2026 and is on track to approach $4 trillion by 2030 — but most of that growth happened during an unusually calm period. The asset class is entering its first broad modern cycle test, and the dispersion between strong and weak managers is widening.

In our latest Insights piece, we walk through how we're thinking about credit, liquidity, and valuation risk — plus a manager-diligence checklist for clients evaluating new or existing commitments.

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Risks of Private Credit in a 2026 Economic Slowdown Navigate the risks of private credit in a 2026 economic slowdown. Our guide helps HNWIs & family offices avoid defaults, illiquidity, and valuation pitfalls.

A question we've been hearing more often from clients lately:

"How do I actually invest in AI without paying peak tech multiples?"

The short answer — look one layer below. AI isn't only a software story. By 2030, AI could account for nearly 9% of U.S. energy consumption, and U.S. utilities have $1.4 trillion in grid investments planned over the next five years. The value chain runs through power generation, transmission, storage, and infrastructure financing — not just chipmakers and cloud platforms.

In our latest Insights piece, we walk through how we're thinking about the energy side of the AI buildout — public equities, private infrastructure, credit, and where the contrarian opportunities may sit.

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Energy Sector Investments for AI Power Needs Guide 2026 Explore smart Energy sector investments for AI power needs in 2026. Discover key strategies, market trends, and growth opportunities to power the future of AI.

"Should I just stay in cash?"

We hear this one a lot right now — especially from families with a recent liquidity event or meaningful cash balances left over from the hiking cycle.

The short answer: cash isn't risk-free. It's a different risk. When the Fed is cutting, short-term yields reprice quickly. Intermediate bonds don't. That's reinvestment risk — and for HNW investors today, it's the real concern, not credit.

Our latest Insights piece walks through how we're thinking about locking in yield before 2026 rate cuts — the belly of the curve, ladders vs. duration extension, and why after-tax income (not headline yield) should drive bond selection.

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Locking In Bond Yields Before 2026 Rate Cuts: A HNW Guide A practical guide for HNW investors on locking in bond yields before 2026 rate cuts. Learn strategies for duration, laddering, and tax optimization.