Prepare the Steaks: Let the filet mignon rest at room temperature for 20 minutes. Season with salt, pepper, garlic powder, and smoked paprika.
Sear the Steaks: Heat olive oil in a skillet over medium-high heat. Add butter, then sear the steaks for 3-4 minutes per side (for medium-rare) or longer for desired doneness. Remove from heat and let them rest.
Cook the Shrimp: In the same pan, melt 1 tablespoon of butter. Add shrimp and cook for 1-2 minutes per side until pink and opaque. Remove and set aside.
Make the Lobster Cream Sauce: In the same skillet, add minced garlic and cook for 30 seconds. Pour in white wine, scraping up the brown bits. Stir in heavy cream, lobster meat, red pepper flakes, and Parmesan cheese. Let the sauce simmer for 2-3 minutes until thickened. Add lemon juice and stir.
Assemble the Dish: Place the seared filet mignon on a plate, top with shrimp, and spoon the rich lobster cream sauce over the top. Garnish with fresh parsley and serve immediately.