Cream room temp butter and room temp cream cheese together with an electric mixer. Add a cup of powdered sugar and beat that in as well.
Add marshmallow cream and another cup of powdered sugar, vanilla, and almond extract. Mix again, adding in powdered sugar a cup at a time until fully incorporated, scraping down sides as needed. Mix in just enough until icing pulls from the side and stiff peaks form when the mixer paddle/beater is pulled up.
Toast the remaining shredded coconut by spreading it out on a baking sheet and placing in a 350 degree oven for 8-10 minutes, keeping an eye on it to prevent burning. Allow to cool.
Ice cake layers as you normally would. Using clean hands, gently press toasted coconut into the bottom sides of the cake.
Fill an icing bag with icing. Pipe dollops all around the top and press a pecan half into each, ending with a large dollop in the center of the cake. I like to refrigerate mine to get it chilled before serving but you don't have to.