Preheat oven to 350°F (175°C). Grease and flour three 9-inch round cake pans.

In a large bowl, whisk together flour, sugar, baking soda, and salt.

In a separate bowl, combine buttermilk, oil, eggs, and vanilla extract. Add to dry ingredients and mix until just combined.

Stir in coconut and pecans.

Pour batter evenly into prepared pans. Bake for 25-30 minutes, or until a wooden skewer inserted into the center comes out clean.

Let cool in pans for 10 minutes before inverting onto a wire rack to cool completely.

In a large bowl, beat cream cheese and butter until smooth and creamy.

Gradually add powdered sugar, beating until smooth. Stir in vanilla extract and milk.

Place one cake layer on a serving plate. Frost with a generous amount of frosting. Repeat with remaining layers.

Frost the top and sides of the cake. Garnish with extra pecans and coconut, if desired.