Guidelines For Starting A Research Project
Before Beginning a Project… Evaluate Your Relationship

First, evaluate your relationship with the prospect so you select the "type of research"  needed based on you present relationship.

For example, a well established relationship may only require a wealth and philanthropy assessment to establish willingness and capacity. Conversely, a new or less developed relationship would require a full profile, which includes a bio, career summary, board affiliations, philanthropy, foundation affiliation, wealth assessment, as well as other pertinent details.

Building a Budget…Rates for Research

Prospect research is billed at the rate of $75/hour. As an incentive, a discount rate of $60/hour is extended to clients who pay within 15 days. The regular hourly rate applies for invoices paid after 15 days and rush work.

If you plan on doing a regular amount of research throughout the year, you may be interested in establishing an account, which guarantees a $52/hour rate. (See Starting An Account)
To help create a prospect research budget, use the following timetable. Typically,

  • a full profile will take approximately 4.5-5.5 hours (see example profiles) to complete;
  • a wealth, board affiliation and philanthropy assessment approximately 3.5-4.5 hours to complete;
  • a wealth and philanthropy assessment 3.0-4.5 hours to complete.

The most time consuming portion of the profile is the wealth and asset assessment.

Keep in mind the amount of time required will vary by prospect, and is relative to how much information is available in the public domain, and complication of assets, such as salary evaluation, multiple stock holdings, significant joint spouse income, etc. Therefore, some prospects may take longer, others may take less time. This is just an estimate to build a budget.

There is no minimum or maximum number of prospects required to begin a project. Some clients like to do a few prospects at a time; others prefer larger groups such as 10 or 20 prospects. At this time the client will select the type of research they need specific to each individual. The client will e-mail the prospect information to Laura A. Solla.

Creating a Timeline…Setting Project Deadlines

Turnaround of any project will vary based on the type of research needed, the number of prospects in the grouping, and the workload in house. At the onset of any project, deadlines will be discussed and agreed upon. A client should plan a minimum of three weeks out.

Getting Started…What The Client Must Provide

To start a research project be prepared to provide the following:

  • the prospect’s full name,
  • home address, and
  • link to wealth, such as business affiliation and position (i.e. president of XYZ Company).

In addition to the basic criteria, it is recommended that you submit any additional information you may know, as it may lessen the overall research time, thus saving  money. Additional information may be spouse name, affiliated boards, past employment, spouse employment, philanthropy, secondary residence, etc. This information can also provide additional keywords that may hasten the research process, open up additional avenues for data mining, or more clearly identify the prospect should it be a common name. This information is not required is and is completely optional.

Project Completion…Transfer of Documents and Payment

Upon completion of the prospect group, a copy of each profile will be e-mailed in pdf or MS Word format, whichever you choose.

Within two days, hard copy profiles along with all the back-up  research documentation will be shipped to you via priority mail. The hard copy profiles and research documentation should be kept in the prospect’s file as a historic record.

Within 24 hours of project completion, the client will receive via e-mail an invoice. If you are taking the 15-day discount rate of $60/hour, the invoice must be paid within that time frame. If an invoice is not paid within the 15-day period, you will be automatically re-billed at the $75/hour rate. It is important that your accounting office understands these terms as late payment of invoices can greatly impact your research budget.

You can also establish an account which guarantees a $45/hour anytime rate throughout 2009 and eliminates the requirement for meeting the 15-day discount period. (See Starting An Account for more information.)