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You could plant a Pothos, Philodendron or Ivy at the base of the plant.

You shouldn't have to re-pot the plant, as these tend to have fragile root systems. They are prone to breaking off. You may clean up any dead growth, or branches that rub up against each other. I wouldn't make too many cuts though. It is a slow grower, and even longer to recover.

Here is an article on the care of it: https://www.gardeningknowhow.com/houseplants/parlor-palm/parlor-palm-houseplants.htm

Without knowing seeing pictures OR without a detailed description of the plant size, size of the container that it is in, the type of soil, or all other details it will be very difficult to tell you whether it needs to be repotted or not.

Please include as much information as possible, and I will be more than glad to help.

In the meantime, this article will give you more information on their care: https://www.gardeningknowhow.com/houseplants/parlor-palm/parlor-palm-houseplants.htm

It will help to see photos of the soil, as this is a classic symptom of overwatering, or the start of a wilt disease.

Make sure that it dries out pretty thoroughly down to 3 inches or so before watering again if there are drainage holes. If there are no holes in the container to let extra water out, then you will want to wait even longer between waterings.

This article will help you with the care of this and all other palms in this genus: https://www.gardeningknowhow.com/ornamental/trees/mimosa/growing-silk-trees.htm

We have just the article to outline this process: https://www.gardeningknowhow.com/houseplants/parlor-palm/planting-parlor-palm-seeds.htm

Those are the flowers. This is the natural process and will not harm anything to leave it, or cut it. This will be up to you. This article will give you tips on the care of these plants: https://www.gardeningknowhow.com/houseplants/parlor-palm/parlor-palm-houseplants.htm