On his podcast, Clark Howard answers real reader questions on money, credit, debt, retirement, travel, and more, along with co-host Christa DiBiase.

Clark's answer: I love this! How generous are you? These eight nieces and nephews may not appreciate it fully right now, but they certainly will later in life. What an incredibly generous gift.

To answer your question: any of the low-cost low-fee investment firms will do, but I have my three favorite children: Vanguard, Fidelity, and Schwab.

With that said, Fidelity has a distinct advantage if you have nieces or nephews who start working early. Fidelity gives teenagers a bit more hands-on experience and control over their accounts compared to what they would get at Vanguard or Schwab. Because of that feature, I really like the Fidelity product if you are dealing with a responsible teen.

However, all eight of these kids are going to be different. If you have a niece or nephew you’re worried about — someone who might try to raid the money early — open theirs at Vanguard instead, where you can keep things locked down much more easily.