The key meaning here is the advise. The idea is the people (giving counsel) helping you make plans by giving you advise. Think of a counselor in school. This varies depending on the person. It could be a financial advisor. For a President it's his cabinet. Some professional athletes had financial advisors that left them broke. At the very lease you want advise from people who are honest with lawful advise. Ideally you want advise from people who seek God's will.
The senses of the word as used in the Masoretic Text:
As far as advice from the wicked, the most obvious is the advise of a criminal to be involved in his/her crime. Advice that contradicts God's will in the Bible is also advise from the wicked. Wicked advice does not necessarily ask you to do what is wrong. It may be advise that takes advantage of you to the benefit of the advisor. Thus, it is important that the adviser not be selfish and seeking their own gain.
