Natural shoreline vegetation protects the shoreline from erosion. Woody shrubs on the bank and emergent plants (like bulrush) in the water stabilize the soil with their roots and absorb and dissipate wave energy. If you are lucky enough to have the natural vegetation at your shoreline, keep it! It will continue to protect your shoreline at no cost to you.
The natural "tules" (mostly bulrush) that fringe Moses Lake in undisturbed sites do a lot for our lake:
This chart (PDF) shows species that are native to the area, are especially attractive and/or have good habitat or stabilization value, and are also typically available at retail nurseries.