American Funds are generally low cost funds, however, they can have high purchase costs (5% or so), so make sure you read all the fine print in the prospectus. I would suggest looking into T Rowe Price. They have low minimums and you can set up automatic investing. You could make it a regular taxable brokerage account for now, and then when he starts working, he could open a Roth. You could offer to match any funds he puts in the Roth by transferring out of the brokerage account into his Roth. That would be an excellent way to start a savings habit for him.
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