Though a bad alternator is possible it is unlikely. First check the fuses. There is a 30 amp fuse going to the voltage regulator, probably under the seat, I'm not sure on the 696. Fuses and cleaning connections are cheap. Stators and voltage regulators are not. Changing parts on a guess is not good either. I suggest you find a dealer you can trust. By the way, your buddy might have cost you a voltage regulator.
If you insist on DIY on a new, warrantied bike,
http://www.electrosport.com/technical-resources/diagnosis-center/fault-finding-guide