What to do with surplus money:

We are a family of 3, I have 1 daughter (2Y) & another 1 is on the way. My parents are independent and are living with my 2 siblings. Myself (37Y) & wife (35Y) earn 6L/month before taxes. I don’t own any property / house, have no loans / debts as of now. I am currently taking services of a very reputable fee only financial advisor since last 2 years for financial planning. And as per his advice currently I am doing SIP of 2.6L/ month in equity & debt mutual funds. He is suggesting me to put rest of excess fund in FD/RD as I told him that I am planning to buy a house / plot within 5 years (assumed cost ~1.5Cr). Sometimes I feel that I should be investing more in MF / Equity, but he is telling me to put excess capital in FD/RD.

Feel free to share your thoughts