Integrity Alliance

Kurta Law is investigating recommendations by Integrity Alliance LLC (CRD#: 139627) brokers. Integrity Alliance is a registered broker-dealer and investment advisory firm based in Urbandale, Iowa.

Integrity Alliance has operated under the following names:

• American Academy Wealth
• Integrity Wealth
• Eghrari Wealth
• Brokers International Financial Services
• Brokers Financial
• BI Financial Services
• B.I. Financial and Insurance Services

Fees and Conflicts of Interest

In its Customer Relationship Summary (Form CRS), Integrity Alliance discloses the following fees and conflicts of interest associated with its brokerage business:

• Investors will be charged fees on each transaction. This may be charged as a commission (stocks and exchange-traded funds) or as a markup/markdown incorporated into the price of the investment (bonds). Commissions are negotiable but range from 0-5% of the amount of your investment.
• Mutual funds and 529 college savings plans charge a sales load typically ranging from 0-5.75%, which will reduce the value of your investment.
• Mutual fund share classes may charge either an up-front or deferred sales load. Mutual fund companies may also offer discounts on large investments in share classes with front-end sales loads; funds with deferred sales loads tend to have higher internal costs.
• Annuities, variable life insurance, and real estate investment trusts (REITs) charge a sales commission that is incorporated into their purchase price. Annuities may also feature deferred sales charges.
• Annuities and life insurance products have their own fees depending on their riders. 
• The firm has an incentive to recommend investments associated with programs it sponsors or manages, and to encourage clients to open accounts and invest with its partner firms, clearing firms, and product vendors.

In its capacity as an investment adviser, Integrity Alliance charges the following fees:

• The firm’s non-wrap fee program deducts the custodian’s transaction costs and fees from your account.
• The wrap fee program incorporates your custodian fees and an asset-based fee. This program is typically more costly than a non-wrap fee.
• Asset-based fees are negotiable.
• You will pay either an hourly ($0-$500/hour) or flat fee ($0-$50,000) for Integrity Alliance’s financial planning and consulting services.

Broker-Dealer Services

Integrity Alliance allows investors to trade in stocks and bonds, and to invest in the following products. However, these investment vehicles may feature high fees and too much risk for some investors:

• Exchange-traded funds (ETFs)
• Mutual funds
• Options
• Unit investment trusts (UITs)
• Real estate investment trusts (REITs)
• 529 college savings plans
• Fixed and variable annuities
• Variable universal life insurance (VULs)

Regulatory Actions

Kurta Law wants investors to be aware that Integrity Alliance has been the subject of several regulatory actions, as disclosed on the firm’s detailed BrokerCheck page.

Alleged Supervisory Issues

On May 5, 2023, Integrity Alliance consented to the entry of findings that it allegedly failed to establish and enforce a system of supervision reasonably designed to supervise the outside brokerage accounts of its registered representatives.

According to a Letter of Acceptance, Waiver & Consent (AWC), the firm’s Written Supervisory Procedures (WSPs) allegedly failed to describe steps to verify that the firm received and reviewed copies of statements for employees’ disclosed outside brokerage accounts. This allegedly caused the firm to overlook red flags of potential regulatory violations.

Integrity Alliance consented to a censure, $30,000 fine, and to undertake a remediation of the supervisory issues alleged in the AWC and review of all available records concerning outside brokerage accounts for potential regulatory violations. You can read the AWC here.

Alleged FINRA Rule 2330 Violations

An AWC filed on July 26, 2016, alleged that Integrity Alliance failed to fully inform clients about the material features and fees of their variable annuities from 2012-2014.

During this period, the firm allegedly provided clients with an Account Information Form that failed to meet the disclosure requirements of FINRA Rule 2330.

It allegedly failed to describe mortality and expense fees, fees and features of riders, and the potential tax penalty associated with selling or redeeming a variable annuity before the client reaches the age of 59 ½.

Integrity Alliance consented to a censure and fine of $45,000. You can access the AWC here.

Brokers with Misconduct Allegations on Their Records

Kurta Law is aware of the following brokers currently or formerly associated with Integrity Alliance who have allegations of misconduct on their records. If you have concerns about your broker’s conduct, reach out to a securities attorney.

• Kiffin Anderson: https://www.kurtalawfirm.com/blog/kiffin-anderson/ 
• Scott Norvell: https://www.kurtalawfirm.com/blog/scott-norvell/ 

Kurta Law Can Help

Investors who lost money working with a Integrity Alliance broker or advisor should reach out to an investment fraud lawyer for help. Our attorneys offer free case evaluations and do not charge a fee unless we win your case. Call (877) 600-0098 or email info@kurtalawfirm.com.