Wisdom rank is a title, that you can display for prestige.
It is awarded per character for identifying rare items.
Benefit
For each rank of the Wisdom as well as the Treasure Hunter title track earned, the chance of an item not being destroyed when salvaging a magical upgrade component is increased by 3 percent from a base of 50 percent. The bonuses from both titles do stack.
Wisdom title track
These titles are granted to a character for identifying rare items:
Rank Title Rare items identified: Salvage Bonus
increase1 Seeker of Wisdom 100 3% 2 Collector of Wisdom 250 6% 3 Devotee of Wisdom 550 9% 4 Devourer of Wisdom 1,200 12% 5 Font of Wisdom 2,500 15% 6 Oracle of Wisdom 5,000 18% 7 Source of Wisdom
(Max level)10,000 21%
Notes
A method for increasing the number of identifications you get out of the gold items you get is to salvage unidentified gold armors before identifying them. There is a chance of salvaging the rune while retaining the armor thus providing two gold items to identify.
Note, however, that this technique has a chance of backfiring. There is a chance that you will get an insignia and lose the armor thereby ending up with no IDs to count towards the title as insignias are considered basic mods (i.e. blue / purple items).
Warning: Do not attempt this on armors you purchase from players offering to sell unidentified armor in town. The overwhelming majority of these armors has already been stripped of the runes and salvaging before identifying will destroy the armor and produce salvage material.