By Matt Vuorela / Chief Executive Officer of Steier Group / Connect with Matt on LinkedIn
As capital campaign fundraising consultants, one of our frequently asked questions is “Will wealth screening help me find campaign prospects?” Our typical answer is “yes, but …”
Wealth screening tools are helpful to consider and can be quite powerful. But the data is only useful if your team has a plan on how to use it. In this blog, we’ll explore how clients we’ve worked with successfully use wealth screenings to identify and steward major gifts toward their capital campaigns.
What Is Wealth Screening for a Capital Campaign?
First, let’s start with a helpful definition of wealth screening. In a nutshell, wealth screening uses publicly available financial and philanthropic data to estimate the giving capacity of an individual or household.
A wealth screening looks at various types of public databases to assign wealth scores and capacity ratings to your current donor list. This may show opportunities you didn’t realize could be major gift prospects. For a capital campaign, teams can then use this data in combination with what they also know about each donor’s engagement and passion for their particular mission to refine a campaign prospect list. After all, the most effective capital campaign strategy of all is to know your donors.
Wealth screening tools won’t replace strong stewardship strategies and practices. But you can work with a fundraising consultant or do research on your own. Typically, the wealth screening process looks at:
- Income
- Real estate ownership
- Stock ownership
- Political contributions
- Business affiliations
- Past charitable giving history
Wealth screens have given Steier Group clients a tremendous advantage in capital campaigns. We’ve seen countless examples of how wealth screening helps nonprofits meet and exceed their campaign goals.
Consider this example: if a high school wants to build a new science wing or theatre, wealth research can help identify prospects with both the capacity to give and who are inclined to give to such projects. Wealth screening is a great way for a nonprofit to find and qualify major donors and realistic campaign goals.
Wealth Screening vs. Prospect Research: What’s the Difference?
Wealth screening only takes you so far. After a wealth screening supplies you with your database’s financial capacity estimates, further prospect research is often needed. Prospect research is more comprehensive and adds context such as relationship details, interests and more. Together, they create a more complete picture of major gift potential.
At Steier Group, we use both wealth screening and prospect research in capital campaign planning. Wealth screening is often the first step in prospect research and development. Prospect research takes things to the next level in understanding donor motivations and how likely they are to give to your particular campaign goals at this particular time.
Using our earlier example, the high school advancement team trying to fund both a new science wing and theatre would likely not highlight both projects for all donors. Prospect research prior to a capital campaign helps discover a donor’s different giving affinities.
When you use these tools, you give your team a stronger starting point to build donor relationships that last beyond any current campaign. A data-driven approach equips your team to connect prospective donors with the fundraising areas that match their capacity and interests.
How to Evaluate Wealth Screening Tools for Your Campaign
There are many wealth screening platforms on the market with many different features. During your research, consider how well the tool will help you make better campaign decisions. Doublecheck the platform you use will integrate with your donor database and that their platform pulls from reliable and up-to-date public records. How a platform will deliver your screening results is also something to consider. Look for a tool that will allow you to understand and quickly segment by various categories.
What Data Matters Most in Wealth Screening?
Wealth screening tools help you target donors more effectively. Still, the financial capacity, or ability to give, doesn’t mean they will. Beyond the financial indicators, we work with our clients to assess a combination of indicators. This approach produces more reliable insights, rather than focusing on any single data point from the screening.
We already mentioned the key wealth indicators that screening uses. Now, we know there’s more to the story of why someone chooses to give. In addition to knowledge about whether someone owns multiple properties or has a large stock portfolio, there are other key factors when looking at a prospect’s affinity for charitable giving. These include:
- Connection and affinity for your organization or these kinds of projects.
- Board service at area nonprofits.
- Involvement in philanthropic networks (giving circles, faith-based- or community-service-focused membership groups).
- Connection with any charitable foundations.
This knowledge creates a fuller picture of individual donors and whether your group of donors can help you achieve campaign success.
How to Turn Wealth Screening Data Into Gift Range Targets
The goal of wealth screening is to use the data to understand donor capacity and translate that information into realistic gift range targets.
During the campaign planning process, we use wealth screening, giving history and prospect research to map donors onto a gift range chart. For example, a parishioner with a high-capacity rating and a long history of serving on your financial council is a clear candidate for a leadership-level major gift. Someone with that same capacity, yet lower involvement in your community may require more engagement before being asked for that level of gift. Your wealth screening data should help your campaign team build a donor chart with confidence.
Capital campaigns regularly rely on a small number of leadership gifts to make up a large portion of the overall goal. A wealth screening helps you know who has the potential to become donors at that top level – and then create a donor chart that aligns with your community’s capacity from there.
Note: any wealth screening results will only be as good as the initial data you provide. It’s worth spending time before any campaign to clean up your donor database for better results. This will go a long way to prevent wasted time and outreach efforts later in the campaign.
How Wealth Screening Supports Every Phase of Your Capital Campaign
For Catholic parishes, schools, dioceses and ministries, wealth screening is a strategic tool that informs decisions across the entire lifecycle of a capital campaign from feasibility study to long-term stewardship. Screening, coupled with the personal knowledge you already carry, helps teams move forward with more clarity.
Before Your Campaign Begins
During the early stages, wealth screening helps estimate what dollar amount may be possible to raise. You may find on your list that there are individuals who surprise you with their available financial means or whom you have simply never asked for a major gift.
Then, through a feasibility study, you can understand whether your community can realistically support the projects and goals you’re considering.
During the Quiet Phase
At the Steier Group, we love to watch how the quiet phase of a campaign builds momentum. This is where the team begins to apply the information learned from the wealth screening. The quiet phase is for personal outreach to major leadership gift level donors identified by your research. Wealth screening data helps prioritize campaign prospects and keep everyone focused on those who are most likely to make commitments.
During the Public Phase and Beyond
As excitement and awareness of your campaign grows, donor potential really emerges. We’ve seen this happen for multiple clients: wealth screening helped identify high-capacity donors who were hiding in plain sight. It’s certainly possible for donors who appear in your annual report at one level to have potential to give at a higher level. A wealth screening reveals those, and then the work to segment and steward the donors continues.
Wealth Screening Best Practices for Stronger Campaign Results
Wealth screening is most effective when used in partnership with relationship knowledge and staff input.
Data alone can’t tell the whole story. For example, perhaps a donor with high capacity is dealing with a difficult season of life and timing may not be ideal for an ask.
Update donor records throughout the campaign based on screening results and conversations.
Donor circumstances may change regarding finances, in addition to engagement levels and specific donor interests. Be sure to update your prospect lists and gift range chart throughout your campaign.
Common Wealth Screening Challenges and Ethical Considerations
Hopefully by now you see wealth screening as a powerful tool. Here’s your reminder, though, to treat screening data as confidential – and as estimates, not exact financial capacity. As Catholic organizations, we should avoid making assumptions or judging donors based on this data. Instead, use wealth screening to prepare for thoughtful conversations about a donor’s willingness or readiness to give. Using this data in a responsible way enhances donor trust.
Putting Wealth Screening to Work for Your Next Capital Campaign
Investing in wealth screening as part of your next capital campaign can help identify major gift prospects and assign other donors in a gift range chart. Wealth screening goes a long way to ground your campaign in realistic goals, supported by a donor pipeline you understand.
A successful capital campaign uses this data to prioritize outreach and inspire transformational gifts. In the long run, wealth screening helps build stronger relationships and a more sustainable culture of generosity.
Frequently Asked Questions
How Often Should Nonprofits Update Wealth Screening Data?
The Catholic organizations we work with typically update wealth screening data ahead of a major fundraising initiative. If budget allows, it would be helpful to update screen data every 12-18 months on an ongoing basis as capacity indicators can change over time.
When Should a Capital Campaign Conduct Wealth Screening?
The most effective time to conduct wealth screening is early in campaign planning, ahead of or as part of a study. This helps validate your campaign goal and determine specific donors to help you get there.
How Accurate Are Wealth Screening Capacity Ratings?
Wealth screening data offers estimates, not exacts. Ratings are based on public records and can be very useful when coupled with staff knowledge and relationships.
Can Small Nonprofits Benefit from Wealth Screening?
Yes, smaller parishes, schools and ministries often see tremendous value in wealth screening. The process helps uncover high-capacity donors who may be giving modestly but have the potential to support a capital campaign. For small teams, wealth screening is often worth the investment because it focuses limited time and resources on the prospects most likely to make the largest gifts.
