Now clearly to you that means you don’t have the right permissions, correct? Of course not. To run this command, you need the permissions as defined in this post on MSDN blogs. Now, you could take the easy way out and just run PowerShell as the farm account. However, I know you know better. Just go set up the right permissions and you’ll be set. The post on MSDN summarizes them as follows:
- Go to Service Applications, select your User Profile Service Application, and then click Permissions. Add your account and check the Full Control checkbox.
- Select the User Profile Service Application, and then click the Administrators button. Add your account there and check the Manage Profiles checkbox and nothing else.
Note that you can add groups on the Administrators section but you can’t on the Permissions section. Once you do that, run PowerShell with the Run as Administrator option and run Update-SPProfile again. It should execute without an object reference error.