As a CFP myself I usually tell my clients should never use the UTMA/UGMA for college funding in case there is a probability of financial aid. If a large lump sum can be made early in the child’s life then the 529 can make sense.
If not, give the money to the parents to invest. It works better than in the kid’s names for financial aid.
And I ALWAYS advise them to buy the book “How to Pay For College Without Going Broke” by Kalman Chany, who truly is America’s best expert on the subject.
Take the money you’ve set aside for your child’s college education and invest it in a rolling concession stand. After a couple of years, your kid can pay for their own education if they still want it.