The answer is a little different depending on exactly which parametric vs. nonparametric approach we're talking about, but to make some broad generalizations, nonparametric approaches can often have drawbacks due to (a) reduced power as a consequence of information loss (e.g., nonparametric statistics that are based on rank transforming the data), and/or (b) they are sometimes computationally expensive (e.g., nonparametric bootstrap). They can be useful, but they are emphatically not a cure-all, and they must be deployed wisely. See my signature...