In this article we show how spherical nanoparticles (NPs) imposing planar anchoring can strongly impact the viscoelastic, dielectric, and electro-optical properties of a nematic liquid crystal when they are not aggregated. We also demonstrate that when the NPs are magnetic, most nematic properties are more impacted than when they are nonmagnetic. With magnetic NPs a molecular disorder is induced that decreases the nematic order parameter, this decrease impacting the values of elastic constants, viscosity, and response time. The impact on 5CB liquid crystal (LC) has been investigated with spherical nanoparticles (NPs) of identical size around 6 nm, magnetic (γFe_{2}O_{3}), and nonmagnetic (CeO_{2}) ones that are both surface functionalized by poly(aminopropylmethylsiloxane-b-dimethylsiloxane) (PAPMS-b-PDMS) block copolymer ligands to promote planar anchoring. In the presence of nonmagnetic NPs, despite an almost constant nematic order parameter, a significant decrease of elastic constants (25.4%), viscosity (22%), and response time (23%) is measured. It suggests a dilution effect for the intermolecular interactions in the presence of NPs. This hypothesis is supported by the observation of an enhanced decrease of the same nematic parameters in the presence of magnetic NPs that can be fully explained by the corresponding order parameter decrease. This finally leads to a remarkable decrease of the splay elastic constant by 51% in the presence of magnetic NPs. The decrease of the nematic order parameter by 18% in the presence of magnetic NPs demonstrates that the NP magnetic moments are only weakly coupled to the nematic director and consequently only induce a disorder in the composite system. A significant influence of the expected large LC structural modifications in the presence of magnetic NPs is, however, shown by a particularly large increase of the diffusion coefficient 43% and large decrease of the dielectric anisotropy (43%). We believe that the observed impact of NPs with planar anchoring on nematic properties could be extended to most spherical NPs if their aggregation can be avoided. In particular, the difference between magnetic and nonmagnetic NPs could be extended to ferroelectric and nonferroelectric NPs.