A hand tool which features a self-aligning recessed seating feature for easy installation of retaining clips onto the groove of the shank of mining and trenching picks. The location and orientation toward the first end of the body of the tool of the recessed seating feature allows for easy installation from either the left or right side of the holder. The tool includes two prongs located at the same end of the tool as the recessed seating feature. The end surfaces of the two prongs correspond in shape and/or orientation to the contact surfaces of a retaining clip to improve removal of retaining clips from the groove of the shank of mining and trenching picks.