SFM Portfolio Management Team

Stack Financial Management uses a team approach to investment management. Portfolio Management Team members include Jim Stack, Denise Falkner, Catherine Hetrick, Eric Vermulm and Annell Danczyk. All members are registered investment advisor representatives having passed the NASD Series 65 exam. Collectively, this group has well over 60 years of investment management experience. Additionally, Eric is a Chartered Financial Analyst, Denise is a CFP® certificant, and both Denise and Cathy have masters degrees in business administration. Annell is currently studying to become a Chartered Financial Analyst.

James B. Stack, President and Chief Investment Officer

James Stack, president of Stack Financial Management and founder of InvesTech Research, isn't your typical investment advisor. His office is in Montana, over 2,200 miles away from Wall Street, nestled in a glen of birch, tamarack, cedar and Douglas fir on the shore of Whitefish Lake. But this locale hasn't prevented Jim from helping investors develop an objective, safety-first investment strategy focused on risk management.

Formerly a project manager for IBM Research with a number of domestic and international patents to his credit, Jim has a graduate degree in engineering, with post-graduate study in business. After founding InvesTech Research in 1979, he began publishing the InvesTech Market Analyst in 1982 and added the InvesTech Mutual Fund Advisor (now known as the InvesTech Portfolio Strategy) four years later. In 1994, he opened Stack Financial Management. Jim and his staff maintain over a century of financial and market data, and create all of the custom analysis software used by InvesTech and Stack Financial Management.

In addition to addressing numerous investment seminars, Jim has been a guest on "Wall Street Week with Louis Rukeyser," and is regularly invited to appear on PBS' "Nightly Business Report," CNN's "Business Day" and "Moneyline," and CNBC.

In June 2000 Jim was awarded a Carnegie Medal in "recognition of an outstanding act of heroism" for a midnight rescue following a boating accident near his home on Whitefish Lake. Working and living near majestic Glacier National Park (a feature Barron's article described it as "Far From the Madding Crowd"), Jim and his wife Lisa spend their rare spare time skiing and white-water kayaking.

Denise Falkner, CFP^®, Director of Operations

Denise Falkner is Stack Financial Management’s Director of Operations and also serves on the Portfolio Management Team. She joined the company in 1998 and is responsible for overall office operations and management, account maintenance, trading and business development. Her experience at SFM has encompassed all aspects of the business, making her uniquely qualified to answer any questions you might have about our investment philosophy and/or operations.

Denise has a BS degree from the University of California at Davis where she graduated with highest honors in 1991. Soon after graduation she began working at Oscar Mayer Foods, as she also completed her MBA at the University of Wisconsin – Madison. Denise holds the Certified Financial Planner® designation.

Cathy Hetrick, Senior Portfolio Manager

Cathy Hetrick is a Senior Portfolio Manager, concentrating on sector analysis, portfolio composition, and securities research and selection. She is also the firm’s Compliance Officer.

Cathy originally helped Jim start InvesTech Research over 30 years ago, and in 1997 returned to work at the firm on a full-time basis. Prior to joining SFM, Cathy was employed as a field representative with the Joint Commission on Accreditation of Healthcare Organizations (JCAHO) and served for ten years as Manager of Laboratory Services at Kalispell Regional Medical Center. She earned her MBA from the University of Montana and her undergraduate degree from the University of Colorado.

Eric Vermulm, CFA, Senior Portfolio Manager

Eric Vermulm is a Senior Portfolio Manager on the SFM Portfolio Management Team. He joined the company in 2009, and his responsibilities include all facets of portfolio management – from security analysis and selection to portfolio monitoring and allocation.

Eric is a graduate of Montana State University, where he earned a Business Finance degree with highest honors. After graduation he worked for a regional bank as a commercial loan officer before stepping into a position in the bank’s internal asset management division. This career progression and interplay of credit analysis, fixed income analysis, and equity analysis has helped Eric develop a conservative, safety-first approach to investing that is based on fundamental analysis and research. In 2008, after completing the required coursework, Eric earned the Chartered Financial Analyst (CFA) designation.

Annell Danczyk, Portfolio Manager

Annell Danczyk is a Portfolio Manager at SFM. She is responsible for securities analysis, trading, and maintaining the technical support criteria for managed portfolios. Upon joining SFM in 2003, Annell worked in account maintenance and client services, enhancing her ability to support and understand the entire client experience. In 2008 she transitioned full-time to the Portfolio Management Team and is currently enrolled in coursework to earn the Chartered Financial Analyst (CFA) designation.

Annell has a BS degree in chemical engineering from Kansas State University. Upon graduating she worked for Arco Oil and Gas in West Texas and Alaska. For 15 years prior to joining SFM, Annell worked in a variety of technical positions for the U.S. Army, Navy, and the Department of Energy as she followed her husband, a career Army officer, around the United States and across the ocean to Italy and Germany.