Scott was born and raised in Madison. He joined his father in the insurance business following graduation from the University of Montana, with a finance degree in 1981. In 1994 Scott purchased a local retirement service practice and formed Kelly Financial Inc. He owned and operated Kelly Financial, an insurance and corporate retirement plans business until it was sold in 2017 to Arthur J Gallagher & Co., a fortune 500 insurance firm domiciled in Chicago. Scott and his brother also own Avante Properties, a real estate development and property management company, actively building office and multifamily projects in Dane county. He and his wife Gigi live in Monona and are involved in their local community and participate in most outdoor sports.