If you want to control the email message a member sees when they want to reset their password, you can set WishList Member to Handle Password Resets in the Advanced Options > Passwords section of WishList Member.
WishList Member will override the handling of the WordPress Password Reset process from other plugins and themes if this setting is enabled.
You can enable “Allow WishList Member to Handle Password Reset” and then click on the blue “Edit” button to customize the email that is sent.
Clicking the blue “Edit” button will show a pop up with configure options for the Password Reset Email Notification.
This is also shown in the Advanced Options – Passwords tutorial around the 2:43 mark