Collaborative robots can relief human operators from excessive efforts during payload lifting activities. Modelling the human partner allows the design of safe and efficient collaborative strategies. In this paper, we present a control approach for human-robot collaboration based on human monitoring through whole-body wearable sensors, and interaction modelling through coupled rigid-body dynamics. Moreover, a trajectory advancement strategy is proposed, allowing for online adaptation of the robot trajectory depending on the human motion. The resulting framework allows us to perform payload lifting tasks, taking into account the ergonomic requirements of the agents. Validation has been performed in an experimental scenario using the iCub3 humanoid robot and a human subject sensorized with the iFeel wearable system.