Heat a medium sauté pan over medium-low heat, add the oil and heat through. Add the shallots and cook, stirring frequently, until reduced, about 5 minutes. Reduce heat to low and continue to cook until they are soft and caramelized, about an additional 15 minutes. Set aside.
Rinse and peel the potatoes then cut into 2” (5cm) chunks. Add the potatoes to a large pot and cover with water. Bring water to a rolling boil and cook the potatoes until they are tender, stirring occasionally, about 20 minutes.
Drain the potatoes and return to the pot so they dry completely.
Working in batches add the potatoes to a potato ricer and rice into a large mixing bowl (they should still be very hot). Add the cream cheese and butter mixing to combine. Add the heavy cream, followed by the caramelized shallots. Season with salt and pepper. Serve warm.
Notes
Returning the potatoes back to the pot evaporates any excess water from the potatoes before adding the dairy, keeping them as creamy and fluffy as possible.