We explore the influence of the phase of localized plasmon resonances on the magneto-optical activity of nanoferromagnets. We demonstrate that these systems can be described as two orthogonal damped oscillators coupled by the spin-orbit interaction. We prove that only the spin-orbit induced transverse plasmon plays an active role on the magneto-optical properties by controlling the relative amplitude and phase lag between the two oscillators. Our theoretical predictions are fully confirmed by magneto-optical Kerr effect and optical extinction measurements in nanostructures of different size and shape.