First do you have battery voltage (24 volts) at the regulator BAT terminal?
If not, troubleshoot the reset button/circuit breaker, the amp meter and wiring to find where the 24 volts disappears as you work your way back from starter solenoid terminal where the battery positive cable connects.
Since you’re cranking it successfully I will assume the cables and disconnect switch, ground to frame etc are all good.
If you have 24 volts at the generator BAT terminal, to diagnose a generator vs regulator vs wiring problem, start by inspecting the armature, field and ground wires between regulator and generator, cleaning and tightening connections on each end.
If no problems found there, I would try to “full field” the generator with the engine running about half speed.
First you need some internal voltage in the generator. If it’s still at 0 volts on the ARM terminal, try again jumping BAT to ARM and see if you get lasting voltage output on the ARM terminal.
If so, and voltage does not build up to charging levels (24 increasing to 28 volts over time as the batteries reach full charge), then try to full field the generator by shorting ARM to FLD (momentarily)while monitoring voltage output on ARM. If you get full voltage output during this exercise then the generator is good you need another regulator.
If no change, try grounding the field terminal on the generator or regulator to ground while again monitoring voltage on the ARM TERMINAL. Again if voltage builds up during that test, replace the regulator.
If no voltage builds up, have generator serviced. You may want to open it up yourself. They’re not terribly complicated and you can clean the commutator, inspect the brushes, ohm the armature circuits and fields etc. sometimes I find something I can fix, sometimes not.
If I take the generator to a shop, I usually take the regulator along with it so they can test the combination and replace whichever or both as necessary. Many shops will recommend replacing the regulator anytime the generator is serviced or if there’s any problem with charging voltage etc, but they can be adjusted, contacts cleaned etc. if contacts are burned, filing and polishing will probably be only a short term fix.
D2-5J's, D6-9U's, D318 and D333 power units, 12E-99E grader, 922B & 944A wheel loaders, D330C generator set, DW20 water tanker and a bunch of Jersey cows to take care of in my spare time:D