I'm going to make the following assumptions as some of the info you've given is a little confusing:
- You've bought a left-hand Shimano Ultegra crank with a power meter fitted
- You currently have an FSA crankset but the rest of your groupset is Shimano
Based on components I'm guessing it's a Cannondale? Anyway, the answer is you will probably be able to use the powermeter but also yes, you're going to have to buy some parts and possibly get a bike shop to fit them. There's also a huge caveat I'll start with:
Inpeak power meters require some frame clearance so the cranks can spin. If you don't currently have a shimano crankset on your bike, I don't see how you can be sure you'll have enough clearance to use one. It's up to you, but it's going to cost a fair amount of money to convert it to Shimano for all the parts and possible bike shop labour, so I'd want to be very sure it'll work before spending that money if I was you.
That said...
Cannondale are a pain, because they have a habit of labelling their frames as BB30 regardless of whether they are BB30 or PF30, but they're not the same. FSA make adapters, but they can creak even worse than press fit BBs, and I'd suggest replacing the whole BB. You'll need something like this:
https://www.merlincycles.com/token-ninja-bottom-bracket-bb30-for-24mm-axle-131663.html and you'll obviously need to know if it's BB30 (bearings are pressed directly into the frame) or PF30 (bearings are in cups and these are pressed into the frame) no matter who made your frame, I point out the issue with Cannondale to highlight it.
The Hollowtech II crank arm will not fit on your current crank, so yes you're going to have to buy a new Shimano crankset. The dimenson you have given, 110mm, is the BCD for Shimano road cranks (and some FSA cranks) so your chainrings might be compatible, but I've never run FSA rings on a Shimano crank so I'm not sure how well it works in practice. However, if you're buying another crankset you're likely getting rings with it anyway. The important measurement is the length of the power meter crank you have. This must match the length of the cranks on the new chainset. It'll be something like 170mm. The good new is it'll fit on any HTII crank, so you don't have to spend on the latest Ultegra crank if you don't want.
The easiest option is taking everything you currently have to your local bike shop and getting them to supply and fit the parts, but there's obviously a higher cost there. If you're buying things yourself, you'll need to make sure you get the right bits. First thing I'd be doing though is making sure you have clearance for that crank, or you'll be spending all that money to switch to Shimano for a PM you can't even use. You'd then have to look at spindle or Spider based systems (if 4iiii or Stages also don't have enough clearance) and that'll mean at least a new crank and possible a new BB again, or look at pedal based systems with have their own limitations.