Best company to open an investment account with for a child

[Chris Allen]

I am wanting to open a custodial account for my son who just turned 1. I am planning to invest $1,000 into an account for him and allow it to grow until he is 18-21yr at which point he can gain control of the account. 

I am not wanting to do a 529 college savings account as I want him to be able to use the money for things other than college if he wishes to do so. 

I have looked some into UTMA/UGMA Accounts and I think that this might be what I am looking for? Has anyone else done this and have a company you recommend? I just want to part it into some index funds primarily.