Error when launching Forest recovery console: "Cannot access SQL Server instance specified" (4302374)

The below error may occur when opening the Forest Recovery Console:

"Cannot access SQL Server instance specified for storing recovery persistence data.

Details:

Format of the initialization string does not confirm to specification starting at index 115"

1. Open the Forest Recovery Console and Click OK to the error message
2. Connect to AD or a backup to create a new project
3. Once the project has been created, go to Tools and then Recovery Project Settings
4. On the Persistence tab ensure the product is pointing to the correct SQL server with the proper account