We study how the solar magnetic field evolves from antisymmetric (dipolar) to symmetric (quadrupolar) state during the course of its 11-yr cycle. We show that based on equatorial symmetries of the induction equation, flux transport solar mean field dynamo models excite mostly the antisymmetric (dipolar) family whereas a decomposition of the solar magnetic field data reveals that both families should be excited to similar amplitude levels. We propose an alternative solar dynamo solution based on North-South asymmetry of the meridional circulation to better reconcile models and observations.