Andrew Pravlik: The Keys To Effective Decision Making

The Pittsburgh Financial Group is a wealth management and financial services firm. The firm works with clients, providing expert guidance about income and retirement planning, insurance, and annuities. With more than 30 years of experience in the financial sector, Andrew Pravlik knows a thing or two about making decisions — sometimes difficult ones.

“I recently made the difficult decision to switch our custodian and broker-dealer and investment advisory vendors that our firm uses,” he said. “As the Managing Partner and CEO of the company, it became my job to assess costs, needs, and future growth of our firm and not only anticipate but realize and decide if the current situation was going to meet our needs.”

Such a decision carries risk. Pravlik did extensive research and modeling to decide whether it was worth the risk. “I ultimately made the decision to change vendors due to my process and realizing the future consequences of not making a change would result in eventual stagnation or even decline in growth,” he said.

The Keys to Effective Decision-Making

It can often look like leaders making decisions are born with this sixth sense that tells them what to do. In reality, most business leaders stay informed on current trends and take the time to analyze market conditions. This ongoing awareness helps when it’s time to make decisions.

Despite his vast experience in the financial sector, Andrew Pravlik knows how crucial it is to engage with industry leaders and other investment professionals to keep an eye on evolving conditions. Changes in the economic or political climate can have broad implications, even when they do not seem to be related at first glance.

The best decision-makers follow a process and come to decisions armed with information.

“It is important to have a process,” Pravlik said. “But also, I have found in my experience, that being proactive is always more desirable than reactive. Look at objectives all alternatives, and consider the best possible outcomes. In almost all decision-making, there will be trade-offs, uncertainty, risk, and yes, luck.”

Then, Pravlik said, you have to be willing to act.

The process making generally follows these steps:

1. Define: Clearly articulate the problem, issue, or decision that needs to be made.
2. Identify: Determine the available options, alternatives, and criteria that will impact the decision.
3. Assess: Analyze the pros and cons of each option based on the identified criteria.
4. Consider: Weigh the risks, benefits, and potential outcomes of the options.
5. Implement: After a thorough evaluation, select and execute the chosen option.
6. Evaluate: Review the outcome and effectiveness of the decision.

Just as it’s important to analyze and act, it’s also important to track progress and evaluate effectiveness. This requires setting in place key performance indicators (KPIs) before implementation.

As a result of Pravlik’s decision-making, Pittsburgh Financial Group is enjoying rapid client and asset growth. “We are expanding our presence to the West Coast with our subsidiary, Seattle Financial Group,” he said.

The Road to Success

Andrew Pravlik began his career in financial services more than 30 years ago, starting as an intern, to learn every aspect of how brokerage and investment firms work. After graduating from Allegheny College, he worked his way from an intern position to First Vice President at Hefren-Tillotson before moving to Pittsburgh Wealth Management Group, where he became Executive Vice President & Director of Investment. In October of 2022, he went to work at Pittsburgh Financial Group where he became CEO and Managing Partner.

This experience helps provide clients with expert guidance to secure their financial future.

As part of the formula for success, Andrew Pravlik believes that great decision-makers are in a state of continuous learning to look for threats and opportunities. This applies to personal growth as well. Pravlik knows that his clients depend on him to be a responsible steward of their investments, so they can live the life they want in retirement.

He urges others to make careful decisions and get guidance from trusted advisors and not just about finances. When asked what advice he would give to his younger self, Pravlik said he would learn to fly fish sooner and visit all of the National Parks.

Taking the time to enjoy life is important to fulfillment. Sound investments with an experienced financial planner can provide the peace of mind necessary to help others enjoy the journey.