For the cake:
Preheat oven to 350°F. Butter and flour two 9-inch round cake pans and set aside.
In large bowl, sift together flour, baking powder and salt.
In bowl of electric mixer, cream together butter and sugar on high until light and fluffy, about 3 minutes. Stir in vanilla extract and mix until incorporated. In separate bowl, whisk together egg whites and buttermilk until well combined.
Add third of dry mixture into creamed butter and mix until just combined. Add half of egg white and buttermilk mixture and mix until combined. Repeat with third of dry mixture, remaining egg white buttermilk mixture, and remaining dry mixture. Scrape down sides and bottom of bowl with rubber spatula to ensure batter is evenly incorporated. Divide batter among two prepared cake pans and bake 25 to 30 minutes or until toothpick inserted in middle comes out clean. Remove from oven and allow to cool 10 minutes in pan. Invert cake layers and allow to cool completely on a wire rack.
For the frosting:
In bowl of electric mixer, cream together butter and cream cheese on high until light and fluffy, about 3 minutes. Stir in vanilla extract and then on low, add powdered sugar 1/2 cup at a time. Increase mixer speed to high and beat until fluffy, about 5 minutes. Stir in shredded coconut.
Cut cake layers in half, horizontally, so you end up with 4 thin cake layers. Place one layer on cake stand or plate and top with dollop of frosting. Spread out evenly and then add dollop of raspberry preserves, spreading out as well. Add a few fresh raspberries and then top with another layer of cake. Repeat with frosting, preserves and fresh raspberries, finishing with last cake layer on top. Spread top cake layer with remaining frosting and cover with shredded coconut. Garnish with fresh raspberries in center. Cut and serve or keep refrigerated until ready to serve.