For me, I don't feel the need to make any argument about it. I don't know for certain that my daughter is smarter than me, since she is only 2 right now, and I didn't have the dedicated parents that she does. Would I have been capable of doing the things she does at the same age? I doubt it. So when this came up I just said something like:
"Yes, you're smarter, but I know a lot more about the world than you do."

If she were older I would have described how intelligence is a measure of potential, and does not make someone an expert on any subject. No one becomes an expert without working hard to acquire knowledge and understanding.