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My question is, if I start her out in something simple like the Vanguard STAR fund, can I "roll over" the money (like I can do for an IRA) into other funds (or even move part or all of it to a different mutual fund company or brokerage) later when she has more money to manage? It's not clear how you do that from all the information I've read about UTMA/UGMA accounts.

The UTMA is just the way the account is titled. There are no restrictions on what you can do with the money, so you can move it between stocks, mutual funds, CD's, etc. You can switch brokers or banks. It is all up to you.

For instance, if you want to start her in a bank account, you can do that as the UTMA, but when there's enough that you want a brokerage account, you can move the money to the broker. You could start with an account at Fidelity, for instance, and then move it later to Vanguard if you like their products better.

You can do anything with a UTMA that you can do with your own accounts. The only restriction is that the account belongs to your daughter, so it has to stay a UTMA. You cannot, for instance, move her money out of a UTMA into your own account, even if you were just doing that until you could move it to another account. It would have to go to another UTMA account for her.

I've moved my kids between banks and between brokerages. It's the same as moving your own account.
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