A wealth screening is a service that takes your existing donor database and matches your records against external data sources to produce wealth indicators — things like real estate holdings, stock ownership, business affiliations, and estimated net worth. The result is typically a wealth score or capacity rating assigned to each record.
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Gift capacity ratings promised to revolutionize fundraising. Suddenly, thousands of records could be matched to wealth data and assigned scores. Your prospects could be assessed by their potential capacity in dollars. All that’s left to do is ask for the gift, right?
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Your board chair just cornered you after the meeting. “We need to focus on major gifts,” she declares. “We don’t want to waste time on $25 donations. Find us some real money!”
You need $1.5 million for your new program. The board meeting is next month. The president is breathing down your neck, and someone just suggested hiring a researcher to find wealthy prospects in the community.
When you are looking to find qualified major gift prospects in your database, want to segment your donor database for targeted asks, or want to realign your fundraisers’ portfolios for optimum performance it can seem daunting — especially if your database has thousands of records. It isn’t a magic bullet, but a wealth screening can take you pretty far, even in this age of A.I.
Finding new prospects is often compared to fishing. You throw out a proverbial net and hopefully get an incredible number of fish in return. Some are going to be bigger than others; hopefully, you’ll throw the smaller fish back into the water to grow and thrive.