Three things you need to know before wealth screening
March 2021
With face-to-face fundraising on hold, more organisations are seeing the virtues of a well-researched major gift fundraising plan and we’ve had an influx of requests for wealth screenings. While the barriers to research-based fundraising are minimal, here are some things you need to know before you get started.
What is wealth screening?
Wealth screening is a prospect research tool that uses publicly available information about individuals such as philanthropic, business and social interests and affiliations. This research helps you better understand your current supporters and their giving potential, enabling you to plan your fundraising campaigns and make informed major gift asks.
Is it legal?
When carried out in compliance with GDPR guidelines, wealth screening is (and always was) completely legal. Respecting your supporters' data is at the heart of research-based major gift fundraising and this starts internally. Carry out a data protection impact assessment and update your privacy policy to be clear and transparent about the research you plan to undertake. Once you’ve taken those steps, let your supporters know of any changes to your privacy policy and give them a chance to opt-out of further processing before starting your research.
Do we have to tell people we’re doing it?
We’ve already touched on this but yes, you do. Wealth screening is not something to keep quiet about. It’s an effective prospecting tool that allows you to better understand your supporters, their philanthropic affiliations and how they may be able to further help your cause. It’s an effective tool to have in your major gift fundraising kit. Keep your supporters in the loop when it comes to how you handle their data and give them a chance to opt-out of any planned research. We’ve found that most high-level donors expect this kind of research to be carried out before being approached.
Our team provides prospect research, wealth screening, consultancy, regulatory compliance and training support to charities of all sizes. We'll help you get the most out of your research budget, learn more about the people who support your cause, give you a detailed insight into your best prospects and identify new ones. We can also work with you to develop the best strategy for approaching them.
For more information, give us a call on 01491 577311 or email us at info@prospectingforgold.co.uk.
