We used Latent Profile and Latent Profile Transition Analysis to empirically develop and compare competing models of personality profiles (three‐ and four‐profile models). We do so using data from the New Zealand Attitudes and Values Study, a large longitudinal national probability sample of New Zealanders. Both three‐ and four‐profile solutions demonstrated good fit and longitudinal stability. Trait configurations and predictive outcomes of the four‐profile model were the most interpretable in terms of the theoretical literature, as this solution mirrored the theoretical foundation of self‐regulatory ego‐constructs. This supported the interpretation of a four‐profile model as providing a useful distinction over and above the three‐profile model. We conclude that, compared to the three‐profile model, the four‐profile solution provides a better foundation to serve as a complementary approach to variable‐centre research. Copyright © 2016 European Association of Personality Psychology