Sauté scallops in butter over medium-high heat in a saucepan or Dutch oven 3 to 5 minutes or until cooked through. Remove scallops from pan, and set aside. Place shallots and mushrooms into pan; cook, stirring constantly, 3 to 5 minutes or until tender.
Add rice, and stir until well-coated and translucent, about 1 to 2 minutes. Stir in saffron threads and clam juice; reduce heat to maintain a simmer. Cook uncovered, stirring constantly. When liquid is nearly absorbed, stir in the hot broth, 1 cup at a time, stirring frequently, until each addition has been absorbed. (The entire process should take 20 to 25 minutes.)
Stir in cream cheese, and cook just until cheese has blended. Stir in scallops, and simmer until heated through. Season with salt and pepper to taste.