Hello! I am a 30-year-old with an almost 2 year old toddler. For context, my parents paid for my entire college education at a state school by saving with a 529 plan for my entire life. As soon as my daughter was born, I opened a 529 plan for her and wanted to start making small contributions every month, around $100 per month, which would increase once we are done paying for childcare. Also, for context, I am hopeful that we will have two kids in our family. Right now, we just have our daughter.

My husband found us a financial advisor who convinced us to stop contributing to the 529 plan. He said that the administrative costs are high, and we wouldn’t get much tax benefit unless we were putting in a large lump sum of money every year. He said that what we should do is eventually open in an UTMA account for our daughter.…