The problem with Utma / ugma is that they have access as soon as they turn 18 or 21. It's their money at that point and you'll have no say if they want to blow it on something dumb. Instead, keep it in your name until they need it. I would do a mix of stocks, maybe bonds, and some kind of cash equivalent. It all depends on how old your kids are.

We have saved what we believe to be enough in DC's 529 to cover their college expenses. We are fortunate to ne able to being saving for their future life events (home down payment/wedding/etc.). Would you recommend a UTMA/UGMA? If not, which investment option?