We’ve distilled over twenty-five years of experience into the ultimate guide to wealth screening for schools and universities.
The start of the school year is the perfect time to assess your fundraising programmes and plan the year ahead. As schools and universities face increasing financial pressures, developing targeted major gift fundraising strategies is essential to keep donations coming in. Ensuring the right requests are made to the right individuals means you’re not missing opportunities or alienating potential supporters who could give high-value gifts. This is where wealth screening can help.
Wealth screening involves comparing the information in a wealth intelligence database with your supporter database to find matches. At Prospecting for Gold, we’ve been building our Wealth Intelligence Database for twenty-five years. Today, it has information about over 270,000 high-net-worth and well-connected individuals based in the UK.
Wealth screening systematically identifies potential donors with the capacity and likelihood to give a significant gift. By analysing publicly available data about individuals, such as their estimated wealth, charitable activities, and corporate or social connections, educational institutions can pinpoint their top prospects, engage them effectively, and secure major gifts.
How to begin wealth screening for educational institutions
Before diving into wealth screening, here are some tips to ensure your strategy is effective and aligned with your school’s or university’s goals.
Identify potential high-net-worth supporters
Start by examining your existing database to identify individuals who already support your school or university and may have the capacity to make significant donations. Wealth screening can reveal current supporters who could give transformational gifts and business leaders and alumni who might facilitate corporate partnerships. By focusing on those interested in education with the capacity to give, you can find valuable prospects already in your network.
Assess donors’ giving potential
Taking a second look at the major donor prospects already supporting your cause will give you a better idea of their giving capacity. This helps ensure that your fundraising efforts are directed at the right individuals, avoiding wasted time and resources on those unlikely to give at major gift levels. Understanding their financial capability allows you to tailor your engagement strategies, ensuring that your asks are both appropriate and well-received.
Cultivate stronger relationships with key donors
Effective fundraising is built on relationships. Wealth screening helps identify potential major gift donors and offers insights into their professional and philanthropic motivations. By understanding these motivations, schools and universities can build personalised connections that resonate with donors’ interests, making them feel valued and increasing their likelihood of giving.
Adopt a donor-centric approach
Knowing your donors’ interests and philanthropic preferences allows you to tailor your engagement strategies based on insights gained from wealth screening. This donor-centric approach ensures that you are cultivating relationships in a meaningful way, inviting them to events that align with their interests and making fundraising requests that are relevant and compelling.
Maximising the benefits of wealth screening
Ensure data accuracy
The effectiveness of wealth screening depends on accurate and up-to-date data. Regularly clean and update your donor information to avoid misguided fundraising efforts. Outdated or incorrect data can lead to missed opportunities or misaligned asks. If data management seems overwhelming, consider using specialised databases or seeking external support. For example, wealth intelligence databases can provide information on high-net-worth individuals and are frequently updated to ensure accuracy.
Integrate wealth screening with strategic relationship-building
While wealth screening provides valuable data, it’s the foundation for relationship-building rather than a substitute for personal engagement. Use the insights from wealth screening to inform your fundraising strategies and complement this data with meaningful, personal interactions. Effective engagement is about connecting with donors on a personal level and demonstrating how their contributions can make a tangible difference.
Stay current with donor information
Donors’ financial situations and interests can change over time. Regularly refreshing your wealth screening ensures that your data remains relevant and that you can identify new opportunities as they arise. Keeping information current allows you to adapt your approach and remain responsive to changes in your donors’ circumstances.
Be transparent and ethical
Transparency goes hand in hand with successful fundraising. Clearly communicate how you collect and use personal data, and always adhere to data protection regulations like the General Data Protection Regulation (GDPR). Informing donors about the types of research being conducted and respecting their privacy builds trust, which is essential for developing long-term donor relationships.
Incorporate wealth screening into your fundraising strategy
Wealth screening should be a part of your fundraising strategy, not a standalone activity. Use the insights gained to inform your donor cultivation and stewardship efforts. By integrating wealth screening findings into your broader fundraising plans, you can maximise the impact of your outreach and enhance your institution’s ability to secure significant support.
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.
Ready to transform your major gift fundraising? Get in touch with us today.