If you work with a financial planner or wealth manager who charges a fee to manage your assets, consider tapping him or her to guide your children on investing their retirement account as well, he says.

WSJ: It Pays to Stock Kids' IRAs

Your accountant, insurance person, investment manager, attorney, and financial planner all must be on the same page.

FORBES: Put the Client First

If managed accounts sound intriguing, keep in mind that you won't have the same kind of access to your manager that you've got with a broker or planner.

FORBES: Move over, mutual funds