In a large mixing bowl, beat the softened cream cheese with an electric mixer until smooth. Add the instant vanilla pudding mix and cold milk, then beat on medium speed for about 2 minutes until thickened and well combined.
Gently fold the thawed whipped topping into the cream cheese mixture until fully incorporated and fluffy.
Fold in the sliced bananas, drained crushed pineapple, mini marshmallows, halved maraschino cherries, chocolate chips, and chopped pecans until evenly distributed.
Transfer the fluff salad to a clear glass serving bowl. Cover and refrigerate for at least 1 hour to allow flavors to meld. Garnish with additional cherries, chocolate chips, and pecans just before serving.