Preheat the oven to 325 degrees F. Grease and flour a bundt pan or tube pan.
In a medium size bowl, add the chopped pecans and coconut, set aside.
Crush the vanilla wafers in a plastic bag using a rolling pin or crush fine using a food processor.
In the bowl of your mixer mix the butter until smooth.
Gradually add the sugar and mix 3 to 5 minutes or until lightened in color and fluffy
Add the eggs one at a time, mixing after each until the yellow of the yolk has blended in.
Add the crushed vanilla wafers, milk and vanilla and mix well.
Stir in the coconut and chopped pecans.
The batter will be thick. Scoop the batter into the prepared pan.
Bake at 325 degrees for 1 hour and 10 minutes. At 1 hour check using a long skewer or toothpick. It is done when the toothpick is clean or with just a few crumbs attached
Cool 10 to 15 minutes then turn out.
Optional: Apply a dusting of powdered sugar to the top of the cake by spooning a small amount into a sifter and lightly tapping the side. This should be done soon before serving as the powdered sugar will absorb over time.