Ex-Falcon advisor sparks legal fight after jump to $9B RIA Parallel Advisors

Ex-Falcon advisor sparks legal fight after jump to $9B RIA Parallel Advisors
Falcon Wealth founder and CEO Gabriel Shahin
"This legal proceeding is about accountability and safeguarding ... the ethical standards our industry relies on," said Falcon Wealth CEO Gabriel Shahin, as the RIA accuses ex-employee Nicole Amore of misusing client data in her transition to Parallel Advisors.
JUN 10, 2025

California RIAs Falcon Wealth and Parallel Advisors are mired in a lawsuit stemming from allegations that former Falcon employee Nicole Amore misappropriated sensitive business information amid her transfer to Parallel Advisors.

Falcon Wealth claimed in its April filing with Judicial Arbitration and Mediation Services (JAMS) that Amore breached an agreement to not solicit the company’s current or prospective clients after she resigned from the RIA in February. She joined Parallel that same month as a wealth advisor, according to her LinkedIn profile. Amore has since filed a legal complaint in the San Bernardino County Superior Court to block Falcon’s attempted arbitration proceeding.

“Falcon Wealth has a duty to protect the integrity of our client relationships and the confidentiality of our business,” Falcon Wealth founder and CEO Gabriel Shahin said in a statement to InvestmentNews. “When we see clear evidence of misappropriation of sensitive information and solicitation in violation of signed agreements and our policy, we have every right to act decisively. This legal proceeding is about accountability and safeguarding not only our firm and clients, but also the ethical standards our industry relies on.”

Parallel Advisors did not respond to email outreach from InvestmentNews. According to reporting from Citywire, Falcon claimed in its arbitration filing that Amore downloaded or took screenshots of client contact information and shared it to her personal devices, while also contacting clients about her move before and after her departure. 

Falcon is seeking unspecified monetary damages. Amore, who is being represented by the law firm Sanders Roberts, claims that the non-compete and non-solicitation agreements that Falcon aims to enforce are illegal under California Business and Professions codes 16600 and 16600.5. The transfer of client information upon advisors shifting firms is often a source of conflict in the advisor industry, with broker-dealer giants Ameriprise and LPL embroiled in an ongoing legal battle that has spanned the past year.

Ontario, California-based Falcon Wealth manages about $1.2 billion in assets, while Parallel Advisors is based in San Francisco and manages over $9 billion in assets. Parallel announced two hires earlier this month. Former Schwab Advisor Services executive Tony Parkin joined Parallel as its head of advisors, while former Avalon Advisors COO Gary Bonner was named head of business analytics and technology at Parallel, which is majority owned by the private equity firm Golden Gate Capital. 

Latest News

Judge OKs more than $90 million in settlement money for GWG investors
Judge OKs more than $90 million in settlement money for GWG investors

Mayer Brown, GWG's law firm, agreed to pay $30 million to resolve conflict of interest claims.

Fintech bytes: Orion and eMoney add new planning, investment tools for RIAs
Fintech bytes: Orion and eMoney add new planning, investment tools for RIAs

Orion adds new model portfolios and SMAs under expanded JPMorgan tie-up, while eMoney boosts its planning software capabilities.

Retirement uncertainty cuts across generations: Transamerica
Retirement uncertainty cuts across generations: Transamerica

National survey of workers exposes widespread retirement planning challenges for Gen Z, Millennials, Gen X, and Boomers.

Does a merger or acquisition make sense for your firm? Why now is the perfect time to secure your firm’s future
Does a merger or acquisition make sense for your firm? Why now is the perfect time to secure your firm’s future

While the choice for advisors to "die at their desks" might been wise once upon a time, higher acquisition multiples and innovations in deal structures have created more immediate M&A opportunities.

Raymond James continues recruitment run with UBS, Morgan Stanley teams
Raymond James continues recruitment run with UBS, Morgan Stanley teams

A father-son pair has joined the firm's independent arm in Utah, while a quartet of planning advisors strengthen its employee channel in Louisiana.

SPONSORED RILAs bring stability, growth during volatile markets

Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today's choppy market waters, says Myles Lambert, Brighthouse Financial.

SPONSORED Beyond the dashboard: Making wealth tech human

How intelliflo aims to solve advisors' top tech headaches—without sacrificing the personal touch clients crave