When Wealth Screening Results Are Sparse

Has this happened to you before?

A board member mentions a great prospect for a new project you’re working to fund.  And you get excited to hear things like, “He’s philanthropic, I hear he likes projects like ours, and he certainly has resources to put behind things that get his attention.”  It’s your lucky day, and you can’t wait to dig in on their WealthPoint returns!  You click the button and…not much compared to all the fun details your board member seemed to know.  Huh?!

Wealthy people are financially savvy and smart about protecting their privacy.  We know that, and who can blame them?  There are a lot of outsiders interested in their inner circle, and the ability to be discrete can be a prized thing in a world where information flows freely.  People who genuinely want a low profile have one.

So what do you do when traditional wealth data aren’t the answer?  Here are a few ideas…

• Consider modeling.  This is designed for many prospects instead of just one, but if you have a database you don’t know well, modeling can put lots of puzzle pieces together in a custom set of actionable scores.  It uses lots of types of information—your organization’s database coupled with even more data than WealthPoint screenings—to help you prioritize your time.  I loved it when I was a client because Target Analytics did the “heavy lifting” and I didn’t have to sort through tons of information.
• Use your networking skills.  What about your colleagues, other board members, volunteers?  Does anyone know this person or have an association?  You’re looking for details that will “unlock” prospect research, like residences in different cities.  On one occasion my detective work turned up a loose association between a board member’s relative and a prospect, and somehow we figured out the name I was looking for—which was the known name for the prospect—was a nickname.  I’d been looking for John Doe, only to learn his legal name was Robert Paul Doe, Jr.—and no one had an idea why the whole town called the guy John!  You get the idea.
• And my personal favorite…pick up the phone.  Sometimes the situation literally calls for you to pick up the phone and sometimes it’s metaphorical, but I am a big believer there’s no replacement for getting to know people.  How can you--or better yet, your in-the-know board member—build a personal relationship with this prospect?  That’s the best prospect research that exists!

How do you overcome prospect research barriers like this?  I hear some really creative ideas from clients, and I hope you’ll add yours to the comments section so we can share even more ideas.