Mealybugs or some kind of cottony scale. Probably the latter.

Imadichloprid (Bayer Advanced Tree & Shrub Insecticide) will take care of it in short order. If you don't want to do that approach, try an insecticidal soap spray.

You could also physically remove as many as possibly by carefully and gently wiping the plant down with a soft cloth dampened with a mild soap solution. Since the palm looks pretty small yet, this would help no matter what other approach you take, and shouldn't be too much effort.

Personally, I've had great luck with the Bayer Advanced on all kinds of scale type insects, and highly recommend it.

Looks like scale. You can do what denninmi suggested. Also you may want to treat the based of the trunk at the soil line with used coffee grounds. Work the grounds into some of the soil near the upper roots if possible. That seems to eliminate scale in time.

Cool, thanks. I'll try that.