SharePoint 2013 – Error running Update-SPProfilePhotoStore

I am attempting to import user profile pictures from Active Directory but when running the Update-SPProfilePhotoStore cmdlet it generates an error.  Here is the command I am running:

Update-SPProfilePhotoStore -CreateThumbnailsForImportedPhotos 1 -MySiteHostLocation http://mysite.mydomain.local

and this is the error message:

UserProfileApplicationProxy.ApplicationProperties ProfilePropertyCache does not have <GUID>

I discovered that this error was generated because the user account running the command did not have the appropriate permissions in the User Profile Service Application (Central Administration -> Application Management -> Manage Service Applications -> User Profile Service -> Permissions).