Preheat oven to 350°F. Grease a 9x13 inch baking dish with nonstick cooking spray.
In a microwave-safe bowl, soften butter and cream cheese for 20-30 seconds. Whisk until completely smooth.
In a large bowl, mix together chicken, rice, softened butter and cream cheese mixture, soup, garlic, Italian dressing mix, chicken broth, 1 cup shredded cheese, salt, and pepper until well combined.
Transfer chicken and rice mixture to prepared baking dish. Top with remaining 1 cup shredded cheese.
Cover tightly with aluminum foil. Bake for 25 minutes until hot and bubbling.
Remove foil and let sit 5 minutes before serving. Garnish with parsley if desired.