Today we’re answering one of your most frequently asked questions, how does wealth screening work?
Wealth screening might sound a bit scary, but after 25 years in the business, we can assure you it’s not!
What is wealth screening?
In a nutshell, wealth screening involves comparing the information in our Wealth Intelligence Database with the information in your supporter database to find matches.
A match is a high-net-worth individual who appears on both our database and yours, making them a potential major donor for your cause. The typical match rate is one to three percent, but for some causes, it can be much higher.
You can check your likely match rate with our handy calculator.
How does wealth screening work?
During a wealth screening, we identify potential donors who have the capacity and propensity to give you a significant gift. This involves analysing publicly available data about individuals, including their estimated wealth, publicly available philanthropy, and other corporate and social connections. This information can help you identify your best prospects, engage with them, and secure major gifts.
What is a Wealth Intelligence Database?
We’ve been building our Wealth Intelligence Database for 25 years. Today it has information about over 270,000 high-net-worth and well-connected individuals based in the UK. These individuals are:
- Chief executives, directors and business shareholders
- Leaders in sectors such as finance, medicine, architecture, law and technology
- Entrepreneurs and property developer
- People who work in politics, the media and the arts
- Sports personalities and lottery winners
- People with inherited wealth
- Philanthropists, trustees and settlors of grant-making foundations and charities
Should I bother with wealth screening?
Wealth screening can fast-track your fundraising efforts by helping you identify potential major donors with three key factors: capacity, affinity and proximity.
- Capacity refers to a person’s ability to give. Wealth screening enables you to identify individuals with high net worth who are capable of making major gifts. Allowing you to tailor your fundraising approach and ask for an appropriate gift amount.
- Affinity is a person’s interest in, or connection to, your cause. Wealth screening can reveal an individual’s known philanthropy, which alongside their connection to you, enables you to identify those who are most likely to be suitable to approach for higher-value gifts.
- Proximity refers to how easy it is to reach a person. If they are identified through screening, you know you have a way to reach them, as they are already your supporter. This information can help you to target your outreach efforts and engage with potential donors more effectively.
Get started for free
The wealth screening and data summary report is free when we screen 2,000 or more of your UK supporters. Ready to transform your major gift fundraising? Contact us today.
At Prospecting for Gold, we specialise in research, wealth screening, consultancy and regulatory compliance, making fundraising more effective and successful.
Wealth screening can help you expand your donor base and boost your fundraising. By understanding your supporters, you can personalise your approach, making your fundraising efforts more effective and efficient.
Successful major gift fundraising isn’t just about securing a donation. It’s about building relationships, understanding people’s motivations and aligning their interests with your cause.