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My wife has an associate who's Financial Advisor told him to only invest the minimum to obtain the maximum matching money and invest the rest in mutual funds (presumably through the Financial Advisor).

I would say it depends. You want to earn full matching because it is free money. But if the 401K does not have a strong selection of funds, then it may not be a good vehicle for all your money. A supplimental IRA or Roth (after tax) with access to supperior funds over which you have more control could be a Foolish choice.
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