The most common and most likely answer to this crossword clue is the 5 letter word SEERS
I've seen this crossword clue in Financial Times
S
E
E
R
S
More clues leading to the result SEERS
Buddy explains!
The straight part
We know that "folk full of wisdom" is the straight/definition part of the clue. The straight part is often a synonym or definition, in this case folk full of wisdom = seers.The cryptic/wordplay part
In cryptic crossword there's often an wordplay/cryptic part as well.This part involves a more complex hint, such as an anagram, homophone, hidden word, etc.
Sadly, We don't have an explanation for this specific crossword clue yet.
What does SEERS mean?
SEERS noun- One who sees something; an eyewitness.
- One who foretells the future; a clairvoyant, prophet, soothsayer or diviner.
- Unit of mass or volume in the Middle East and Indian subcontinent.