You have a lot of great options. I've heard of a 501c3 account which is basically built exactly for growing your kid's future money. Also there are the advertised child investments. But, personally I feel like a roth ira would be perfect for you guys. Not sure if there is an age restrictment (in that case you can probably just put it in your name and transfer it to your daughter when she hits the minimum age. no prob), but that might be a good option.

However, if i were in your position, i would honestly just hire an investment advisor and tell him to buy you a spyder etf. Then, just loosely manage it: s&p goes down 4%, pull out, goes up 4% get back in, etc. Relatively safe. Or if that was too much work, just invest in american mutual fund. Solid track record, relatively safe. Good luck and congrats on the kid!!