Add the butter, milk, and sugar to a large saucepan over medium heat and allow to melt, stirring occasionally.

Add the egg yolks to a small bowl and ladle in about 2 tablespoons of the warm stovetop mixture. Stir, and repeat once more.

Next, add the egg mixture to the saucepan and stir. Simmer for about 10 minutes, stirring often, until the mixture has thickened.

Remove from the heat and stir in the vanilla, followed by the coconut and pecans.

Transfer to a bowl and place in the refrigerator to chill for about 2-3 hours.