To the bowl of a stand mixer fitted with the paddle attachment, add the cream cheese. Mix on medium speed until smooth.
Stop the mixer and add the confectioners' sugar. Mix on low until smooth, stopping to scrape the sides of the bowl as needed.
Add the sour cream and vanilla, mixing until combined. Set aside.
In a separate large bowl, pour in the heavy whipping cream.
Using a handheld mixer, start mixing at the lowest speed, gradually increasing to medium and then high speed until the cream thickens and stiff peaks form. Stiff peaks refer to the whipped cream peaks that stand straight up and hold their shape. This will take about 3-5 minutes.
Fold the whipped cream into the cream cheese mixture until fully combined. Transfer to a serving dish.
Serve immediately or store in the refrigerator until serving.