You are correct that it means "the other statement is also wise". I think it would be best to give an example. "An apple a day keeps the doctor away," would be a wise statement. If you eat healthy foods you will probably be healthy. Therefore we can say something which is kind of the opposite: "Eating candy every day will cause you to become sick and need a doctor." This statement could also be considered wise.

"no less wise" means the person you're talking about is as wise as the other person. They are the same. It's a polite way of saying the guru/master is wise, but another person is also wise.