Unbundled plans offer flexibility since the plan is designed on your terms. Unfortunately, the only way to keep administrative costs to a minimum is to work on them in-house. As a small business you'll most likely turn to a vendor that offers a bundled plan. Although they differ in name, insurance companies, TPAs, and banks will offer similar plans at comparable pricing. Mutual fund companies like Fidelity Investment, The Vanguard Group, and Oppenheimer are also popular picks simply because the well-known name can increase participation by employees.
Banks usually offer plans tailored towards larger companies.
You may want to see if they have clients that have plans similar to what you would like to set up. Take into account their overall service. This includes consistent and timely reporting and investment success. There will be a number of fees associated with any plan. The fees should be outlined and broken down and you should receive a document that outlines them for easy understanding and reference.