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
Do not attempt to salvage runes off of gold armors before identifying to get two IDs from one item. The August 23rd 2007 update has made all unidentified armors break after salvaging regardless of your rank in Wisdom or Treasure Hunter.
The cheapest way to attain points would be to open many chests in the beginner areas which although wouldn't have many valuable items, would still provide golds to identify.