Purpose: This paper aims to explore the power and interest of independent intermediaries in co-creation activities. More specifically, the study investigates the role of independent financial advisers (IFAs) in co-creation activities and identifies how their power and interest can be used to determine their level of involvement in co-creating innovation of new products and services in the financial services sector. Methodology/Approach: A case study research method was employed for this study. The case study focuses on Provider XYZ, one of the largest UK-based financial services institutions. The sources of data used for the research were Provider XYZ's market research reports aimed at customers and IFAs, interviews with nine of Provider XYZ's Senior Marketing Managers and employees, interviews with nine IFAs who conducted business with Provider XYZ, and a discussion with nine of Provider XYZ's customers who have a relationship with an IFA. Findings: The findings of this study identify that independent intermediaries, such as IFAs, have a significant influence on the end customers' view on financial services brands and they partially construct the provider's brand value which is perceived and received by the end customers. Based on the power and interest of IFAs in the potential innovation propositions, IFAs can be classified into four categories: Recipient (Segment A), Consultant (Segment B), Guardian (Segment C) and Co-creator (Segment D). Implications: The findings of the study provide evidence for both academics and practitioners that not all stakeholders can be involved in co-creation activities. To ensure the effectiveness of co-creation activities, it is important to assess the level of stakeholders' power, which indicates the strength of relationship and influence on providers, and their interest in co-creation activities. The co-creator power/interest matrix proposed in this paper can be used to identify viable co-creating partners in an organization's relationship network. Originality: This study contributes to the existing literature by proposing a co-creator power/interest matrix, which can be used to determine the level involvement of intermediaries and other stakeholders' in co-creating innovation.