Kitty you're correct, I use the Lesco product to manage over 30 palms on my property.
The single mistake most home owners & landscapers make is not making the bed as large as the drip line, there is turf over the roots
"Turf fertilizer can induce K and/or Mg deficiencies in the palms. To solve this problem either mulch out to the drip line of the palm"