The most common and most likely answer to this crossword clue is the 11 letter word KNOW-IT-ALL
I've seen this crossword clue in The Guardian
K
N
O
W
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A
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More clues leading to the result KNOW-IT-ALL
Buddy explains!

The straight part
We know that "Wise guy" is the straight/definition part of the clue. The straight part is often a synonym or definition, in this case wise guy = know-it-all.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 KNOW-IT-ALL mean?
KNOW-IT-ALL noun- Someone who claims to be knowledgeable or an expert in something, obnoxiously dismissing the opinions, advice, suggestions, etc. of others.