NOTE: Further testing shows this addon only helps if Wildstar is using DirectX 9. If you are using the DirectX 11 renderer, you likely won't see any FPS increase. You can tell which renderer Wildstar is using in the text at the bottom of the client when you enter your username and password. If it says DX9 somewhere, this will help. If it says DX11 then it won't.
Having FPS issues? Try this addon. One common recommendation to improve FPS in WildStar currently is to completely disable the TargetFrames addon, but target frames are important! This simple addon disables the animation from target frame portraits. Disabling these animations can lead to a significant FPS increase for many people without needing to remove target frames completely or install other addons which might change the UI significantly.
Give it a shot, I hope it works for you.
Updated to use the new UI graphics because they still haven't fixed the bug which makes this addon necessary.