Oral reading assessments provide teachers with valuable information about children’s reading abilities, which can then inform instruction. However, the structure of some oral reading assessments (e.g., running records) have been critiqued, especially when they are used to provide students with a prescribed “reading level”. The purpose of the current study was to support in-service teachers (ISTs) and pre-service teachers (PSTs) in implementing a highly supportive oral reading assessment, the Listening to Reading–Watching While Writing Protocol (LTR—WWWP), which guides teachers towards specific instructional targets for individual children instead of a score or level. We were curious about the ISTs’ and PSTs’ perceptions of the protocol, including its affordances and limitations. Data sources were the ISTs’ feedback responses and the researcher fieldnotes after five professional learning sessions, as well as the PSTs’ survey responses after learning about the protocol during literacy method courses. Results revealed that both the ISTs and PSTs found the protocol to be useful, and they appreciated the concrete information it provides regarding multiple components of literacy (e.g., decoding, comprehension monitoring). However, they also noted logistical concerns regarding assessment implementation and selecting authentic texts. Results also revealed misconceptions about the assessment, which subsequently informed revisions of the LTR—WWWP and the related professional learning.