I think this is an instance where the business account owner ("Whatever Retirement Planning") has to appropriately account for receiving the funds. I have seen this before. It is a direct rollover of the person's IRA, but he/she has chosen to invest it with "Whatever Retirement Planning" who will be the administrator. Since they are not a bank or a FI, they have a business account at a bank where such deposits can be made. The receive a deposit to benefit the investor and it's up to them to invest it properly into another IRA product (sounds like a brokered deposit deal to me). It's also up to the IRA owner to ensure that the rollover was done correctly. Everything is reported and the IRA money has to be deposited into another IRA within 60 days of the rollover. If it is not, the IRA owner will have to pay a LOT of taxes and penalties.
CRCM + CAMS = certified compliance nerd
Opinions expressed in these threads are my own and not my employer's.