We have self-directed SEP-IRA plans with Wells Fargo, under the PMA plan (100 free trades a year per account). I am convinced that with our higher income this year, and the fact that we are both turning 50 this year, we should convert our two SEP-IRA plans to two Solo 401k plans. We are sole proprietors as husband/wife.

I called Wells Fargo and they can open Solo 401k plans for us no problem, and then roll over the SEP-IRA investments into the new plans, all under the same PMA account. So that’s good.

In order to open the Solo 401K, Wells Fargo needs a Third Party Administrator (TPA) to provide the plan. The best I could find online are companies who will set up the plan for a fee (or not), and then also charge an annual flat fee to administer the account. (I thought I could get a one-time setup fee for plan documents, but perhaps not?)

QUESTION: Does anyone have any experience with setting up a Solo 401k plan as sole proprietors where you hired your own TPA? Any recommendations on a good low-cost plan? We have a CPA and do our own investing, so we don’t need any other tax or investment advice – just the plan documents.
(The cheapest I’ve found is $195 a year for both owner&spouse, with no setup fee, at MySolo401k.net. Any experience with them?
PenServe also looks interesting, though I can’t find prices on their website.)

Thanks in advance. Any other advice or ideas welcome too.