Time to allay the fear of losing son and wealth (8)
I believe the answer is:
treasure
'wealth' is the definition.
(I know that treasure is a type of wealth)
'time to allay the fear of losing son' is the wordplay.
'time' becomes 't' (abbreviation).
'to allay the fear of' becomes 'reassure' (to reassure someone is to allay their fears).
'losing' indicates named letters should be taken away.
'son' becomes 's' (genealogical abbreviation for son).
'reassure' with 's' removed is 'reasure'.
't'+'reasure'='TREASURE'
'and' is the link.
(Other definitions for treasure that I've seen before include "Gold on this island" , "Hoard of jewels and money" , "Valuables, fortune" , "much-loved person" , "Valuable hoard" .)