NEW YORK — Many parents think it’s wise to open a custodial account for each of their children at a bank, brokerage or mutual fund company. All you need is a Social Security number for the child.

There’s an old proverb that says if you give a man a fish, you can feed him for a day. But if you teach a man to fish, you feed him for a lifetime. The same can be said for teaching your child to ...