Charles Schwab's total client assets increased $35 billion to $1.68 trillion at the end of April, up 11% from the year-ago quarter and up 2% from March, a reflection of the overall strength of the stock market last month.

But the tax man clipped the firm's net new asset total by $500 million as many new and existing clients had to cut substantial mid-month checks to the IRS. The April decline marks the first monthly decrease since June.

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