I have previously had a debate with John Wells over the pronunciation of the vowel in the first syllable of words such as 'albatross' and 'balcony'. For me, these words have /ʌ/, so the vowel is the same as in 'bulk' or the first syllable of 'vulgar'; but all dictionaries, including the Longman Pronunciation Dictionary, show the vowel as /æ/.
I have always claimed that this is a sound change in progress, but that nobody has yet documented it. After all, it is not surprising if the voal becomes more back before a dark /l/ — the same process happened to the vowel in words such as 'walk' and 'calm'.
However, now I am not so sure. Yesterday, I was reading a book to my 9-year-old grandson, Oliver, and the book included the name 'Alfie'. After a while, Oliver said, "Grandpa, it's /ælfi/ not /ʌlfi/."
So, maybe I am wrong. If even my 9-year-old grandson corrects me, perhaps I have just got it wrong!