In a medium saucepan, heat the chicken broth over medium-high heat until it comes to a simmer. Cover and reduce the heat to low. While the broth is heating chop the shallots.
In a heavy pan with a thick bottom and deep sides, melt 1 1/2 tablespoons of butter over medium heat. Add the olive oil.
Sauté the chopped shallots in the pan until soft and fragrant, about 3 minutes. Add the rice and sauté an additional 2 minutes. Pour in the white wine; frequently stirring until the liquid is reduced.
Remove the cover from the warm broth. Using a ladle carefully measure out 1 1/2 cups broth into a measuring cup. Pour the broth over the rice. Continue to simmer the rice, stirring frequently until the broth is absorbed. Continue to add the remaining broth in 1/2 cup increments, frequently stirring after each addition. The rice will become creamy and tender, roughly taking about 25-35 minutes to complete.
Once the rice has absorbed all of the broth, stir in the remaining butter along with the Parmesan cheese and fresh chopped parsley. Sprinkle with salt and pepper. Serve immediately.