Note to all readers: when using water lilies planted in ponds try to buy the appropriate size of variety for the water depth you want them to spread into. Water lilies are sold as 4 sizes. Dwarf lily sizes 1ft - maybe 3ft deep. Small variety 2 ft to 4ft sometimes 5ft. Medium 4.5ft to 5ft upto 6ft deep. Large varieties 5ft to 8ft deep depending on substrate and water clarity. When buying water lilies the description should note the type of spread or probable growth into water depth. Plant maximum growth height is similar for most green house plants such as fruit trees - dwarf short and standard - full height for that variety.
All pond plants need light to grow. The clearer the water is expect the plants to grow deeper unless the plant is a short or dwarf variety. It only takes around 1% of the surface iight to reach the bottom for green plants to grow. in the pond example above from KapHn8d the water lilies and FA will have a hard time growing very deep due to the 'high' turbidity of the water.
I'm quoting Bill's advice. Large Hardy Lilies can get away from you in just a few years.