Ms Hepburn joined from the Embark Group where she was head of strategic partnerships.
Schroders says the newly-created role will draw on her “extensive knowledge and understanding of the adviser community.”
Ms Hepburn is the co-founder of DFM consultancy DISCUS.
The firm says this is the first of several new hires which will be announced for Schroders’ UK Intermediary business under the newly-expanded leadership of Philip Middleton, who became Schroders’ head of UK Intermediary Business in October.
Mr Middleton said: “Investment solutions are increasingly important for the adviser community and the creation and delivery of these is a key objective for our business.
“The appointment of Gillian, with over 30 years’ experience of financial services and a wealth of knowledge in financial advice, is an exciting development for Schroders.
“Working with our highly-experienced investment solutions teams, Gillian will enable us to continue to support our clients to go above and beyond their expectations, ensuring that we keep delivering a fantastic service in an ever-evolving industry.”
Ms Hepburn said: “Financial advisers are continuing to increase their usage of discretionary managed solutions to support the delivery of their centralised investment proposition and require a variety of options for this.
“Schroders offer a range of investment propositions in order to ensure appropriate client outcomes and I am delighted to be joining the business at an exciting stage in the ongoing development of these.”
Schroders’ investment solutions works as a specialist partner with advisers, enabling them to delegate investment responsibility, which it says frees up time to “focus on their clients and deliver value through Financial Planning.”