Scott Mullady is a Commack, New York financial executive who has guided Heritage Pension Advisors, Inc. for over three decades. He handles qualified retirement plans for diverse corporate clients, ensuring proper record keeping, legal documentation, compliance, and tax reporting. Scott Mullady strives to ensure that employee benefit plans are presented so that sponsors and participants can easily comprehend and use them. The result is lasting client relationships and healthy, long-term employees who feel they are part of organizations that care.
From 2013 to 2024, Scott Mullady held an Investment Advisor Representative role with Cetera Advisor Networks, LLC. As a qualified broker/dealer, he provided a full range of client-focused securities and advisory services. He has presented regularly over the years at the New York Institute of Technology and chapter meetings of the Society of Human Resource Management.
Mr. Mullady completed his degree in economics and finance from Siena College, focusing on econometrics and quantitative economics. He was active with Delta Sigma Pi as an undergraduate and competed on the gridiron. He presently serves as head coach with the girls’ Brentwood Youth Soccer Club, part of the Premier Division of NY Club Soccer.
What is your typical day, and how do you make it productive?
Prior to leaving the office at night, I review my schedule for the following workday. When I arrive at the office, I will refresh myself on any meetings that day. For meetings with plan participants, this may entail reviewing their investment holdings, making sure that the portfolio is in-line with their age and investment goals. If I am making recommendations on changes, I will make notes on why I am recommending the change. If it is a new participant looking to enroll in a plan, I will review the plan specifications, such as the company match, vesting eligibility, etc.
Plan reviews with an Investment Committee on a Plan Level are more in-depth and will cover things such as legislative updates, plan compliance, operation issues, technology enhancements, as well as a thorough investment review.
How do you bring ideas to life?
I think the key to bringing ideas to life is to surround yourself with competent, smart, and creative people that see your vision. My technology staff is a critical component of what we do. I may diagram something for them, and they will tell me three ways to go about accomplishing the goal. I then work with our plan administrators and customer service to determine the best path. Having input from different parties enhances the original idea and completes the project more efficiently.
What’s one trend that excites you?
Automatic saving arrangements in retirement plans have really impacted plan participation. More people are saving, and they will be better prepared for retirement. Making it easy for employees is a key component to a successful retirement plan.
What is one habit that helps you be productive?
Consistency. The more you practice your trade, the better you will be. Coming to work every day with one goal in mind: that is to improve the experience that my clients have working with Heritage Pension Advisors, Inc.
What advice would you give your younger self?
Pay attention to details and don’t cut corners. The hardest things to do are the most rewarding in the end.
Tell us something you believe almost nobody agrees with you on?
I’m a good singer. I really know that I am not but, if I put the volume up high enough on the radio, I’m a great singer.
What is the one thing you repeatedly do and recommend everyone else do?
Save, save, and save some more. The power of compounding interest is amazing. The earlier you start, the better off you are. Preparing for the unexpected allows you to outride the ups and downs of the business cycle and the market cycles. When available, save in a tax preference environment such as a qualified plan, Roth account, or 529 Plan.
When you feel overwhelmed or unfocused, what do you do?
When projects seem too big or there are too many projects going on at the same time, I try to prioritize and compartmentalize the projects. Rather than trying to complete everything, I try to break the projects into smaller projects and complete one thing at a time based on priority. I also try to delegate the parts of the project to staff that are familiar with what needs to be completed.
What is one strategy that has helped you grow your business or advance in your career?
Understanding what the needs and wants of the person sitting across from me is important. Whether it be a prospective client, client, or an employee, you need to put yourself in their shoes and say, “If I was this person, what would I expect from Scott Mullady?” Determining and delivering what they want and setting realistic expectations is a key to success.
What is one failure in your career, how did you overcome it, and what lessons did you take away from it?
I had someone complete a task that was assigned to me, and I did not complete it myself. I learned that there are no shortcuts when it comes to taking care of responsibilities.
What is one piece of software that helps you be productive? How do you use it?
I use FI360 Plan Analytics and Morningstar to prepare retirement plan reviews for clients. FI360 integrates with many recordkeeping systems, which makes creating reports easy and quick, with lots of information. Morningstar provides in-depth analysis of mutual funds and ETFs, which provides me with the information I need when making investment recommendations.
Do you have a favorite book or podcast you’ve gotten a ton of value from and why?
How to Win Friends and Influence People by Dale Carnegie is a book that has had a significant impact on me. It offers timeless advice on building relationships, effective communication, and leadership. The principles outlined in the book have helped me enhance my interpersonal skills, build stronger connections, and become a more empathetic and influential leader. The practical insights and real-life examples make it a valuable resource for anyone looking to improve their personal and professional interactions.
What’s a movie or series you recently enjoyed and why?
My favorite TV series is Game of Thrones. The imagination that went into creating that world was incredible. The acting and sets were amazing too.
Key learnings
- Establish a productive daily routine and be consistent on how you approach your clients.
- Bringing ideas to life is a team effort—one of the keys to a successful business starts with putting the right personnel in place.
- Always put your clients first.
- Learning from failures and adapting is vital for long-term success.