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A Huge Transfer of Wealth is Happening Soon, Is Your Planned Giving Strategy Ready for it?

We’re in the midst of the greatest intergenerational wealth transfer in history. Baby boomers, the wealthiest generation in American history, are expected to pass down over $30 trillion dollars over the next few decades. Similarly, over $1 trillion in personal wealth is projected to be transferred in Canada between 2016 and 2026.

So, what does this mean for fundraising?

There has never been a better time for nonprofit organizations to examine their donor base and expand their opportunities by investing in planned giving. According to the latest trends, giving by bequest reached an all-time high of $41.91 billion in 2020 (Giving USA, 2021), an increase of 10.3%, and it’s not slowing down any time soon. For more insights about the latest Giving USA report, check out our webinar recording here.

But many nonprofit organizations—including the largest and most tech-savvy—struggle to find an effective way to identify legacy donors. Given that nearly anyone can make a planned gift to a charity of their choice, almost anyone can be a planned giving prospect. This is a tremendous opportunity, however, it also creates a serious challenge because of resource scarcity.

Prospect research, the old way

Most organizations start by targeting individuals who have shown the closest loyalty to them (ie. those who made consistent annual donations, volunteers, board members, etc). While this is a good start, things get much more challenging once the initial shortlist is exhausted. Next, they look for individuals who are wealthy and over 60, but this tactic misses out on a large group of prospects—those who are not wealthy, yet they are writing their first wills. Other prospect research and wealth screening tools try to solve this challenge by tapping into external data, however, these indicators produce unreliable results because of an overreliance on wealth capacity and age data. Regardless of how rich a donor may be, they are not going to leave a legacy gift unless they are loyal to your cause.

Prospect research, with confidence

We get it: identifying the right planned giving prospects is difficult. But it shouldn’t feel like throwing darts in the dark. This is why after countless hours of research and development, we are excited to share a better way. iWave uses eight qualifying criteria (vs. the industry norm of two) to rank a prospect’s planned giving potential from 1 to a maximum of 4. The use of robust data, such as affinity for your cause, produces more comprehensive and accurate results, and uncovers prospects that would have previously been left unidentified.

Planned Giving Scores are automatically generated when you:

● Create a donor profile using a quick one-off search that only requires a name

● Complete a screening by matching individuals to iWave’s comprehensive source of data

To get started, all you need is a subscription to iWave Professional or iWave Premium.

Filter out noise in favor of signals

Many nonprofit organizations strive to be data-driven, but simply having data isn’t enough. By mapping internal data, such as recency and frequency of giving to your organization, with billions of external data points, iWave can instantly segment your prospects and generate actionable insights that will enable more focused and tailored cultivation.

Key takeaways

Don’t let this historic opportunity in philanthropy pass you by. Secure the future of your organization today by investing in a planned giving program, and make your life easier by using iWave’s Planned Giving Scores to find the right prospects at the right time.

Ready to see Planned Giving Scores in action? Schedule a demo today.

Author: Sebastian Belu, Product Marketing Manager, iWave


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