First, what is the purpose of the funds? Is it for college? Is it for your child to use when he/she is older (since at least part of the balance was made up of gifts to the child)?
If it’s for college use, I’d opt for the brokerage account (at Vanguard) and purchase low-cost index ETF’s or a long term target retirement fund like the 2060 (which is 90% stock). Target Retirement funds at Vanguard require only $1,000 to open and give you a lot of diversification and will automatically rebalance for you. Note: Be sure to start backing off the risk when your child enters high school, so you’ve moved out of the market by the time they start college. At that point your time frame is short and (IMO) if you don’t have 5 or more years to invest, you shouldn’t be in the market!
If it’s for his/her use, I’d probably still use a target retirement fund, but perhaps ease up on the equity portion slightly. I’d hate to see the funds suffer a large loss just before he/she wanted to, for example, buy a car at 16 years old.