Forex firms struggle to retain marketing chiefs, study finds
Chief marketing officers (CMOs) in the online trading and CFD sector face exceptionally short tenures, with firms based in Cyprus, the United Kingdom, and the UAE showing similar patterns, according to a study by marketing agency FYI.
Specifically, the study found that most CMOs in this space leave after just 17.5 months.
That median tenure comes from analysis of 50 data points spanning 2014 to July 2025 and covering 40 CMOs across 38 brokers based in Cyprus, the United Kingdom and the UAE.
On average, CMOs stayed for 22.4 months, though a few long‑serving individuals raised that average.
Nineteen out of fifty CMOs departed within their first year, making brief tenures common.
Moreover, only two CMOs remained in their role for five years or more.
The data shows that tenure has declined over time, with 2024 offering the lowest average tenure in the dataset.
Interestingly, there is no correlation between broker size and CMO turnover, with both large and small firms recording similar tenure lengths.
Around 40 per cent of brokers analysed currently have no CMO in place following a departure.
No conclusions can be drawn on other senior marketing roles as the study focused only on the formal CMO title.
Christian Görgen, founder of FYI, a marketing agency supporting online trading firms, said “Most online brokers aren’t product‑driven; they’re revenue‑driven” he added.
“That mindset defines everything, especially how marketing is seen – not as growth, but as a cost” he said.
“The formula is almost always the same – multi‑asset broker, tight spreads, fast execution. That’s why marketing is so tough in this space” he added.
“There is no real story, no emotional hook – nothing that makes one brand truly stand out” he added.
He explained “Traditional CMOs don’t work in online trading. Marketing isn’t just support function; it needs to be a core part of the business” he said.
“Until it has a real seat at the table and firms commit long‑term, short tenures and missed targets will keep repeating” he added.
The research outlines why marketing leaders struggle to endure in the CFD industry.
“Expectations are high,” Görgen explained in a post that accompanied the company’s findings.
“Founders want rapid user growth and quick revenue, often within months,” it added.
“But marketing isn’t something you can switch on overnight. Building trust and driving sustainable growth takes time,” Görgen continued. “No wonder many CMOs find themselves out the door before they can even make a real impact.”
The study examined how many CMOs last, why tenure is so short and what that reveals about the culture and expectations within online trading.
It used public LinkedIn profiles, industry news websites and press announcements to track job titles and dates, though the authors caution some profiles may overstate role duration.
In reality, actual time in role may have been even shorter.
“Unlike tech founders who invent solutions to real problems, many trading brands build on existing models that have worked before,” Görgen said. “They focus less on innovation and more on capturing revenue through proven frameworks.”
He explained that marketing then becomes repetitive copy‑paste, lacking creativity or brand differentiation.
Affiliate marketing dominates growth strategies, leaving brokers to cede up to 50 per cent of revenue to partners in exchange for leverage.
“It often ends up feeling like a pyramid scheme,” Görgen explained.
“Affiliates leave the moment the illusion fades — or they find a better deal elsewhere. In the affiliate world, this is known as “broker hopping”. The cycle repeats, and the broker remains locked in a constant race to find new partners, never truly owning the customer relationship,” he added.
The traditional CMO model often fails in this sector. When acquisition metrics decline, firms hire a CMO expecting immediate revival, but marketing initiatives like rebranding and campaigns take time to bear fruit.
“Without anything unique to offer, marketing just ends up repeating what everyone else is doing instead of creating something traders actually care about,” Görgen concluded.