Self direction i401k with checking AND brokerage

[Shawn Hyde]

I am strongly considering opening a Self Administered, Self Directed i401k so that one of the investment vehicles can be - you guessed it - real estate notes and mortgages.

With that said, I don't want to preclude myself from having a brokerage account to hold cash and hopefully earn some money in the stock market when I don't have the money lent in real estate.

My question is this:  Do the brokerages (IE: Fidelity, etc), understand this arrangement?  It seems to me I would first open the i401k, get an EIN number for it, and then open a REGULAR brokerage account in the name of the i401k.  Sounds simple to me, but am I going to run into roadblocks trying to get this done?   

Second question: Who do you recommend for initial setup of the i401k?  I found SunWest Trust and while I don't mind the initial $500 setup fee, I'm not thrilled with their $200 annual fee for doing basically nothing.  Is there another option that is more cost effective?  Heck, can I do the whole thing myself?

Thanks!