GreenSky Credit forms out of failure of home renovation business mode

Carl Icahn, one of the greatest investors in history, said that the most money is made doing the simplest things. It’s almost hard to believe that in today’s highly technological society, where every possible edge seems to be instantly spotted by the tech overlords and exploited to the maximum, any serious market inefficiency could exist in plain sight, right in front of the eyes of some of the most powerful retail firms in the country.

But that is exactly the situation that led to the formation of GreenSky Credit. Founder David Zalik, a former child prodigy and precocious entrepreneur, who had made his first $5 million by the age of 22, spotted an almost inconceivable flaw in the way that many home remodeling companies were doing business.

Zalik saw that a large number of customers were severely underestimating the true final costs of home renovations. When they got the true estimate, they either experienced sticker shock severe enough to drive them off, or they simply didn’t have the liquid funds on hand to complete the projects.

Not just washers and dryers

In most retail situations, when a creditworthy customer ends up not having enough cash on hand to complete a purchase, there are a plethora of financing options that can save the sale. These include in-house financing, manufacturer instalment plans, and putting the item on a credit card. However, when the items being sold are complex home renovation projects, which often entail a combination of both goods and services, these options were not available for the full cost of the project.

In fact, for projects in the five- and six-figure range, virtually no consumers had the necessary credit limit to put those transactions on their credit cards. And instalment financing for these projects simply didn’t exist.

This is the market niche that GreenSky Credit has filled. GreenSky Credit offers point-of-sale financing that is truly instant in nature. GreenSky customers are either approved or denied on the spot, for the full amount of the loan. This means that GreenSky borrowers can be approved for loans as high as the $300,000s on the spot, allowing projects to move forward immediately that would have likely been permanently shelved.

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Why Advisors Shy Away From Social Security Talks

It is essential that financial advisers speak to their clients about social security especially since it covers about 40% of their retirement income. This implies that it is very difficult to plan for their retirement income without tackling the topic. However, that is not the case with most financial advisers today as the Wall street journal wealth adviser column suggests. David Giertz an adviser working with Nationwide Financial Distributors is under the impression that the social security handbook entails lots of rules that advisers ought to be conversant with but since they do not know how to navigate these rules they avoid the topic. In order to maximize on retirement income people need the help of the financial advisers who ought to have an understanding of the social security rules.

 

 

David Giertz works as the senior vice president of the Nationwide Life insurance company’s financial distribution and sales. He began his job in 2013. Aside from his current job, he has worked in other leadership positions of the firm since he joined the firm. Before joining Nationwide Life Insurance Company, he worked with companies such as Citicorp Investment Services, Financial Horizons Securities Corporation, Mony Securities Corp and The Mutual Life Insurance Company of New York.

 

 

His first job in the finance industry was in 1988 at the Skokie Federal Savings. It has been years switching from one company to the other but he has gained years of experience that have helped him in his brokerage activities. He is also a certified broker by the FINRA and can work with any firm that takes part in the purchasing and sales business of the bonds, stocks, mutual funds and any other investment-related products. For instance Nationwide through National wide Investment Service Corporation takes part in broker deal pertaining the purchase and sales of life insurance and annuities. https://davidgiertz.yolasite.com/