It turns out SEP installs a default schedule owned by a root user, which a normal user can't see in his/her Symantec Scheduler UI. A solution is as follows:
1. Open a terminal
2. Type sudo symsched -d all
3. Setup a new schedule by using Symantec Scheduler UI or a command like,
symsched LiveUpdate "Update All Daily" 1 1 -daily 13:00 "All Products" -quiet
Reference:
http://www.symantec.com/connect/forums/sep-mac-live-update-bouncing-dock
http://www.symantec.com/business/support/index?page=content&id=TECH134203&locale=en_US
http://www.symantec.com/business/support/index?page=content&id=TECH105502