The Not-So-Secret Thoughts of a Prospect Researcher
Dear Diary,
Today, I want us to take some time to unpack several shared research experiences and see how we can reimagine and advance practical solutions. As colleagues, I hope our not-so-secret experiences can empower some visible opportunities.
1) Access to Information - In a field where information is power, there comes a time when we all ask the question - “Is this too much information?”
We all wonder why certain information is needed. It may be readily available, but is it helpful and strategic? Will it help us get to the end goal? For example, it may not be important to know the prospect’s fifth cousin from the mother’s side of the family - it’s not necessary information. Technology (specifically search engines and social media) has made access and the flow of information consumable, leaving the user to wonder whether any of it is relevant.
Action that can be taken: If you feel comfortable, it never hurts to ask for context from those asking for certain information. If asked for extensive information, you can always respond, “To make sure I’m giving you the right information, how will this be helpful strategically?” The intent of this question is to partner with the user of the information on how to better provide relevant data.
2) Tools - We love our tools, from the ones that aggregate information on wealth to the ones that help us narrow down the right prospects and their personal information. The tools allow prospect researchers to optimize and expedite their work. The tools aren’t perfect, but they are a helpful resource – it’s performable technology. Repeat with me: It’s not meant to be perfect or the solution to research.
Action that can be taken: It’s important to uphold the mantra “I use the tools; the tools don’t use me.” You have more control and discretion on how tools are used and what type of information you need from each one.
3) Professional Development and Community - Since the end of Apra’s PRSPCT-L, and the departure of many researchers from Twitter (currently referred to as X), there has been a significant shift in the engagement and development of the prospect development community. I have publicly mentioned the lack of growth and community ever since the departure of PRSPCT-L, and still believe that there needs to be another site that attracts current professionals and those curious and new. Apra International has continued fostering community through its annual conference, programs, and educational trainings. Jennifer Filla, an amazing professional, President, and Founder of the Prospect Research Institute has graciously expanded her learning community. I have also noticed that there are professionals on Reddit and Discord. Many have also enhanced their use of LinkedIn for more information sharing, but it is simply not the forum for every and all types of discourse.
Action that can be taken: Find a platform or resource that works for you and helps you to engage with like-minded professionals. Community is extremely important and fosters personal and professional growth. Please make sure to share your profession with curious friends and the next generation, they need to know that this profession is an option, it exists, and that there are resources and a strong community.
4) Research Requests - On Twitter, I polled those who conduct prospect research to find out the most time-consuming parts of a profile. The majority (86 percent) voted that the financial section took most of their time. 14 percent felt the biographical section took time, with one person stating that “writing and editing family members and business associates” can be time-consuming.
Action that can be taken: In a role where time plays a critical part in the delivery and completion of a research object, there needs to be a time budget. Break down a profile and budget how much time you can realistically allocate to each section, and then consider the most high-level information needed. For example, does the financial section need to include every stock transaction, or could you include the most recent shares held by the prospect? Choose to intentionally and strategically take deep dives on prospects while budgeting your time.
5) Breaking into the Industry - Unfortunately, there are not enough internships, paid learning opportunities, and entry-level jobs for new prospect researchers to enter the field. Also, there aren’t enough entry-level learning boot camps. If we want this field to grow, there needs to be more opportunities to learn the basics and join an organization.
Action that can be taken: Below are some bootcamps, internships, and programs that are live as of April 14, 2024.
Using Excel for Data Analytics: Pivotal Tips for Prospect Development
High Finance for Prospect Researchers: Private Equity and Hedge Funds
List of Apra International Upcoming Events
Prospect Research Intern (Paid)
Until next time, May 15th!
Art Credit: LeNia Stitt
