In a failover configuration, all clients send traffic to and receive traffic from server 1. If server 1 goes offline, all clients send traffic to and receive traffic from server 2 until server 1 comes back online.
Load balancing occurs between the servers assigned to Priority 1 in a Management Server list. If more than one server is assigned to Priority 1, the clients randomly choose one of the servers and establish communication with it. If all Priority 1 servers fail, clients connect with the server assigned to Priority 2
Failover configurations are used to maintain communication when clients are unable to communicate with a Symantec Endpoint Protection Manager. When all management servers at a higher priority level become unavailable, clients switch to failover servers, which are defined by their lower priority level in the Management Server List. At every heartbeat, clients check to see whether there is a higher priority server available. If there is, the clients switch to it immediately.
Whenever possible, failover servers should be at the same site as the management servers that they back up. All management servers at the same site share one database, so that data consistency is guaranteed. It is possible to configure management servers that are replication partners as failover servers, but there is a risk of data inconsistency between replication partners because replication does not always take place frequently enough.
Failover and load balancing installations are supported only when the original Symantec Endpoint Protection Manager uses Microsoft SQL Server. The SQL Server Native Client files also must be installed on the computer on which you install a site for failover or load balancing.
You do not install servers for failover or load balancing when the first Symantec Endpoint Protection Manager site is configured to use the embedded database.
These are 2 different Concept.
To explain, I would suggest you to check these Articles below:
For Failover and Load Balancing
1) About failover and load balancing
http://www.symantec.com/docs/HOWTO26809
2) About Load Balancing and Failover Clustering in Symantec Endpoint Protection 11.0
http://www.symantec.com/docs/TECH104519
3) About installing and configuring the Symantec Endpoint Protection Manager for failover or load balancing
http://www.symantec.com/docs/HOWTO26808
4) Installing a management server for failover or load balancing
http://www.symantec.com/docs/HOWTO26807
Check this Thread:
https://www-secure.symantec.com/connect/forums/failover-concept
https://www-secure.symantec.com/connect/forums/difference-between-replication-and-failover