Preheat the oven to 350°F (175°C). Grease and flour the 9x13 inch baking pan.
In a large mixing bowl, combine the white cake mix, water, vegetable oil, and eggs. Beat with an electric mixer on medium speed for 2 minutes until smooth and well combined.
Pour the batter into the prepared baking pan and spread it evenly. Bake in the preheated oven for 25 to 30 minutes, or until a toothpick inserted into the center comes out clean.
Once baked, remove the cake from the oven and let it cool in the pan for about 10 minutes. While the cake is still warm, use a skewer or toothpick to poke holes all over the top.
Spoon the raspberry preserves over the top of the cake, allowing it to seep into the holes. Let the cake cool completely.
In a medium bowl, beat the softened cream cheese until smooth. Add the heavy cream, white chocolate chips (melted), and powdered sugar. Mix until well combined and fluffy.
Spread the cream cheese frosting evenly over the cooled cake. You can use a rubber spatula to make it smooth.
Garnish the cake with fresh raspberries, if desired.
Refrigerate for at least 2 hours before serving to allow the flavors to meld.